Provisions and Contingencies – Introduction
21.1 Provisions and Contingencies applies to all provisions (ie liabilities of uncertain timing or amount), contingent liabilities and contingent assets except those provisions covered by other sections of Provisions and Contigencies. These include provisions relating to:
- leases (See Leases). However, this section deals with operating leases that have become onerous.
- construction contracts (See Revenue). However this section deals with construction contracts that have become onerous.
- employee benefit obligations (See Employee Benefits).
- income tax (See Income Tax).