{"id":96801,"date":"2020-12-28T17:51:56","date_gmt":"2020-12-28T12:21:56","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=96801"},"modified":"2024-04-12T14:25:29","modified_gmt":"2024-04-12T08:55:29","slug":"reliable-estimate-of-the-obligation","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/reliable-estimate-of-the-obligation\/","title":{"rendered":"Reliable Estimate of the Obligation"},"content":{"rendered":"\n

The use of estimates is an inherent part of preparing financial statements. Provisions require a greater degree of estimation than most other items, but AS 29 emphasizes that it should not be impossible to determine a range of possible outcomes and, from this range, to reach an appropriate conclusion that is sufficiently reliable for the provision to be recognised. AS 29 concludes that the circumstances in which it will not be possible to reach a reliable estimate, will be extremely rare.<\/p>\n\n\n\n

In the extremely rare case where no reliable estimate can be made, a liability exists that cannot be recognised. That liability will, instead, be disclosed as a contingent liability.<\/p>\n","protected":false},"excerpt":{"rendered":"

The use of estimates is an inherent part of preparing financial statements. Provisions require a greater degree of estimation than most other items, but AS 29 emphasizes that it should not be impossible to determine a range of possible outcomes and, from this range, to reach an appropriate conclusion that is sufficiently reliable for the…<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-96801","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nReliable Estimate of the Obligation - Tutorial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/reliable-estimate-of-the-obligation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliable Estimate of the Obligation - Tutorial\" \/>\n<meta property=\"og:description\" content=\"The use of estimates is an inherent part of preparing financial statements. 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