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Intangible Assets recognition criteria
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[QUOTE="Yakub02, post: 309251, member: 94426"] If the provision is more than the amount needed to settle the liability the balance is released as a credit back through the income statement. If the provision is insufficient to settle the liability an extra expense is recognised. An onerous contract is a contract where the unavoidable costs of fulfilling/completing the contract now exceed the benefits to be received (the contract revenue) A provision should be made for the additional unavoidable costs of an onerous contract. (The ‘additional unavoidable costs’ are the amount by which costs that cannot be avoided are expected to exceed the benefits). Future operating losses Provisions cannot be made for future operating losses. This is because they arise from future events, not past events. [/QUOTE]
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