Lesson · IFRS for SMEs essentials
Provisions and contingencies
Decide whether an obligation is a provision, a contingent liability or neither.
9 minutes Standard as at 31 October 2026
What you will be able to do
- Decide whether an obligation is a provision, a contingent liability or neither
- Measure a provision for a product recall
This is a preview of a member lesson. The full lesson is in the IFRS for SMEs essentials library, open to everyone who enrols.
Free · one email a week
IFRS and SAM, one requirement at a time
Each week you get the Institute's new articles: one requirement of IFRS 17, IFRS 9, IFRS 15, IFRS 18 or SAM, worked on a South African case. You start with the free IFRS 18 readiness checklist, ten areas to work through before IFRS 18 takes effect, each with its paragraph reference.