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completeness of provision

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › completeness of provision

  • This topic has 3 replies, 2 voices, and was last updated 6 years ago by Kim Smith.
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  • May 16, 2019 at 5:29 am #516072
    foeldh123
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    • Topics: 168
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    • ☆☆☆

    when we say “completeness of provision” and this completeness is referring to the criteria of provision ? past events…., probable outflow…. reliable measurement ?

    i’m not sure what does this “completeness” means if that is not the definition

    May 16, 2019 at 6:40 am #516085
    Kim Smith
    Keymaster
    • Topics: 133
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    • ☆☆☆☆☆

    It means the financial statement assertion of completeness. These assertions are assumed knowledge of AA – see pages 70/71 of the AAA notes for a summary to remind you of their meaning.

    May 16, 2019 at 4:48 pm #516155
    foeldh123
    Participant
    • Topics: 168
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    it says whether provision has been “recorded” therefore it can also mean that it has meet the provision criteria is satisfied ?

    May 16, 2019 at 5:34 pm #516159
    Kim Smith
    Keymaster
    • Topics: 133
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    • ☆☆☆☆☆

    I don’t think so – meeting the criteria to be recognised relates to the existence assertion – is there a liability? If not (i.e. it doesn’t exist) a provision cannot be recognised.

    An example to consider for completeness – suppose we are talking about a provision for redundancy payments. In asking “is it complete”? we mean does it include the payments due to everyone who has been made redundant? does it include all elements of the redundancy packages to which employees are entitled? (statutory redundancy pay, compensation in lieu of notice, any bonus/pension entitlements, etc, etc)

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