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Provisions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Provisions

  • This topic has 3 replies, 2 voices, and was last updated 7 months ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
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    Posts
  • June 11, 2022 at 1:49 pm #658480
    sujinkim
    Member
    • Topics: 4
    • Replies: 2
    • ☆

    Hello,

    I understand that when ongoing litigation gives rise to a possible obligation, there is a risk of inadequate disclosure. But I’m wondering, will the audit opinion be qualified if the management refuses to make proper disclosure? Let me suppose the provision will not be made as it is not probable but the amount is material.

    Thank you in advance.

    June 11, 2022 at 2:38 pm #658487
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6788
    • ☆☆☆☆☆

    Yes it would give rise to a modified (qualified “except for”) opinion because IAS 37 requires specific disclosures for each contingent liability.

    If the amount was immaterial it would not matter to anyone whether or not it was disclosed so the opinion would not be modified in this case.

    June 11, 2022 at 4:30 pm #658497
    sujinkim
    Member
    • Topics: 4
    • Replies: 2
    • ☆

    Thank you so much

    June 11, 2022 at 5:11 pm #658501
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6788
    • ☆☆☆☆☆

    You’re welcome!

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