IAS 37

In 2008 BPP book & also in 2009 Kaplan/FTC book ED of IAS 37 is given according to these books revised standard is expected in 2009. According to this ED
• The standard will be renamed as “non financial liabilities”.
• The word contingent will be replaced with conditional & unconditional.
• For provision “non financial liability” word will be used.
• All possible liabilities will be recognized if there is only very small risk of cash outflow.

My question is whether this ED have been approved & whether these changes are applicable or not or the standard is still as previous IAS 37 Provision, contingent liabilities & contingent asset.
Kindly someone confirm me that which standard to follow or he/she can get confirmed from his/her college teacher.

My 2nd question is that contingent consideration should be recognized at F.V as contingent consideration is contingent liability & so other contingent liabilities under IAS 37 will be recognized at F.V in SFP or they will be disclosed in f/s via disclosure notes as we have been doing previously.

Kindly give me feedback because this is also very important for u to know as well me if we want pass P2.