XYZ limited has likely liability of Rs. 10 Crore for which it is considering to create provision in books of accounts. However, if liability materialises, then XYZ limited is entitled to sell an asset of Rs. 1 Crore. What should be the accounting treatment of Rs. 1 Crore while recognizing provision in books?

A company had made a provision for rent liability of Rs. 10 Cr & interest provision of Rs. 1 Cr. However, Court made order to the company to pay Rs. 8 Cr Rent & Rs. 1.5 Cr interest. What should be the correct accounting treatment?

As per AS 29, Provisions, Contingent Liabilities and Contingent Assets warranty claims normally generate

 AS-15 is not applicable to:

When should a company dealing in hazardous goods make provision for social welfare expenditure if it is to be made mandatory as per new Law? Till 31.03.2022, it was not mandatory On 10.05.2022, minister made an announcement of developing the new law On 12.09.2022, Both houses of parliament approved it pending for Presidential approval On 29.09.2022, President approved the new law On 02.10.2022, gazette notification is issued for the new law.

AS 29 is applicable in making provision from which of the following case?

Cost arising out of increase in the present value of the defined benefit obligation resulting from employee service in the current period is called:

An entity has made a provision for insurance liability of ` 5 Cr. Company has a policy to recover its insurance expenses from its dealers. What will be the accounting treatment if the recovery amount will be ` 6 Cr or ` 4 Cr?

What should be the accounting treatment of Income which is Virtually certain?

In line with AS 29 Provisions, Contingent Liabilities and Contingent Assets, a provision shall be recognized when