Commitments and contingent liabilities

Learning objectives

• Identify the commitments and contingent liabilities to be disclosed separately for joint ventures and associates.L3

Normative references

• IFRS 12 §23The entity discloses: (a) its commitments relating to its joint ventures, separately from the amount of other commitments (B18 to B20); (b) in accordance with IAS 37, unless the probability of loss is remote, the contingent liabilities incurred relating to its interests in joint ventures or associates, including its share of contingent liabilities incurred jointly with other investors, separately from the amount of other contingent liabilities.

Original summaries of the paragraphs (reference register), never a quotation of the standard.

1 question

• The commitments relating to the entity's joint ventures are grouped with its other commitments, with no separate disclosure.L3