FEATURES OF THE APPLICATION OF IFRS 37 "ESTIMATED LIABILITIES, CONTINGENT LIABILITIES AND CONTINGENT ASSETS"

Abstract

In this article we are talking about estimated reserves that may have an impact on information about financial results in the reporting period. The current practice prohibits the regulation of financial results taking into account estimated liabilities, as it does not allow creating reserves for non-existent liabilities. Thus, it is not allowed to distort the profit indicator in the financial statements in accordance with the requirements of IFRS (IAS) 37 "Estimated liabilities, Contingent liabilities and contingent assets".