TOPIC 01 IAS37 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS(二)

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1、II.Specificapplication　　1.Futureoperatinglosses　　Inthepast,provisionswererecognizedforfutureoperatinglossesonthegroundsofprudence.Howevertheseshouldnotbeprovidedforthefollowingreasons.　　①Theyrelatetofutureevents;　　②Thereisnoobligationtoathirdparty.Theloss-mak

2、ingbusinesscouldbeclosedandthelossesavoided.　　2.Onerouscontracts　　Anonerouscontractisacontractinwhichtheunavoidablecostsofmeetingthecontractexceedtheeconomicbenefitsexpectedtobereceivedunderit.　　Acommonexampleofanonerouscontractisaleaseonasurplusfactory.Thele

3、aseholderislegallyobligedtocarryonpayingtherentonthefactory,buttheywillnotgetanybenefitfromusingthefactory.　　Theleastnetcostofanonerouscontractshouldberecognizedasaprovision.Theleastnetcostisthelowerofthecostoffulfillingthecontractorofterminatingitandsufferin

4、ganypenaltypayments.　　Someassetsmayhavebeenboughtspecificallyfortheonerouscontract.Theseshouldbereviewedforimpairmentbeforeanyseparateprovisionismadeforthecontractitself.　　1Demo　　Droopershasrecentlyboughtallofthetrade,assetsandliabilitiesofDolittle,anunincorp

5、oratdbusiness.Aspartofthetake-overallofthecombinedbusiness’sactivitieshavebeenrelocatedatDroopersmainsite.AsaresultDolittle’spremisesarenowemptyandsurplustorequirements.　　However,justbeforetheacquisitionDolittlehadsignedathreeyearleasefortheirpremisesat$6000p

6、ercalendarmonth.At31December2003thisleasead32monthslefttorunandthelandlordhadrefusedtoterminatethelease.Asub-tenanthadtakenoverpartofthepremisesfortherestoftheleaseatarentof$2500percalendarmonth.　　Required　　（a）ShouldDroopersrecognizedaprovisionforanonerouscon

7、tractinrespectofthislease?　　（b）Showhowthisinformationwillbepresentedinthefinancialstatementsfor2003and2004.Ignorethetimevalueofmoney.　　[答疑编号10010201：针对该题提问]　　Solution:　　Droopershasalegalobligationtopayafurther$192000tothelandlord,asaresultofaleasesignedbefore

8、theyearend.Thereforeanonerouscontractexistsandmustbeprovidedfor.　　Thereisalsoanamountrecoverableformthesub-tenantof$80000（32×2500）.Thiswillbeshownseparatelyinthebalancesheetasanasset.　　Th