Division Amendments to IAS 37

IAS 37 Provisions, Contingent Liabilities and Contingent Assets is amended as described below.

Paragraphs 1 and 2 are amended to read as follows:

1. 1..

   This Standard shall be applied by all entities in accounting for provisions, contingent liabilities and contingent assets, except:

   1. (a)

      those resulting from executory contracts, except where the contract is onerous;

   2. (b)

      those arising in insurance entities from contracts with policyholders;

      and

   3. (c)

      those covered by another Standard.

2. 2..

   This Standard does not apply to financial instruments (including guarantees) that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement. For financial guarantees excluded from the scope of IAS 39, this Standard applies as set out in paragraph 2(f) of IAS 39.