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(b) Provisions – IAS37
An entity must recognise a provision under IAS37 if, and only if:
(a) a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event)
(b) it is probable (‘more likely than not’), that an outflow of resources embodying economic benefits will be required to settle
the obligation
(c) the amount can be estimated reliably
An obligating event is an event that creates a legal or constructive obligation and, therefore, results in an enterprise having
no realistic alternative but to settle the obligation. A constructive obligation arises if past practice creates a valid expectation
on the part of a third party. If it is more likely than not that no present obligation exists, the enterprise should disclose a
contingent liability, unless the possibility of an outflow of resources is remote.
The amount recognised as a provision should be the best estimate of the expenditure required to settle the present obligation
at the balance sheet date, that is, the amount that an enterprise would rationally pay to settle the obligation at the balance
sheet date or to transfer it to a third party. This means provisions for large populations of events such as warranties, are
measured at a probability weighted expected value. In reaching its best estimate, the entity should take into account the risks
and uncertainties that surround the underlying events.
Expected cash outflows should be discounted to their present values, where the effect of the time value of money is material
using a risk adjusted rate (it should not reflect risks for which future cash flows have been adjusted). If some or all of the
expenditure required to settle a provision is expected to be reimbursed by another party, the reimbursement should be
recognised as a separate asset when, and only when, it is virtually certain that reimbursement will be received if the entity
settles the obligation. The amount recognised should not exceed the amount of the provision. In measuring a provision future
events should be considered. The provision for the warranty claim will be determined by using the expected value method.
The past event which causes the obligation is the initial sale of the product with the warranty given at that time. It would be
appropriate for the company to make a provision for the Year 1 warranty of $280,000 and Year 2 warranty of $350,000,
which represents the best estimate of the obligation (see Appendix 2). Only if the insurance company have validated the
counter claim will Macaljoy be able to recognise the asset and income. Recovery has to be virtually certain. If it is virtually
certain, then Macaljoy may be able to recognise the asset. Generally contingent assets are never recognised, but disclosed
where an inflow of economic benefits is probable.
The company could discount the provision if it was considered that the time value of money was material. The majority of
provisions will reverse in the short term (within two years) and, therefore, the effects of discounting are likely to be immaterial.
In this case, using the risk adjusted rate (IAS37), the provision would be reduced to $269,000 in Year 1 and $323,000 in
Year 2. The company will have to determine whether this is material.
Appendix 1
The accounting for the defined benefit plan is as follows:

1 Overview
A grievance occurs when an individual thinks that he or she has been wrongly treated by colleagues or management, especially
in disciplinary matters. An unresolved feeling of grievance can often lead to further problems for the organisation. The purpose of
procedures is to resolve disciplinary and grievance issues to the satisfaction of all concerned and as early as possible.
If a grievance perceived by an employee is not resolved, then conflict and discontent can arise that will affect the work of the
individual and the organisation. Accountants as managers need to be aware of the need to resolve grievances satisfactorily and
professionally.
The fundamental basis of organisational disciplinary and grievance procedures is that they must be explicitly clear and accessible
to all.
Part (a):
An official and correctly applied disciplinary procedure has six steps which should be followed in the correct order and applied
equitably.
The Informal Talk.
This is the first step. If the disciplinary matter is of a minor nature and the individual has had until this occasion a good record,
then an informal meeting can often resolve the issue.
Reprimand or Oral Warning.
Here the manager draws the attention of the employee to unsatisfactory behaviour, a repeat of which could lead to formal
disciplinary proceedings.
Official or Written Warning.
A written warning is a serious matter. It draws the attention of the offending employee to a serious breach of conduct and remains
a recorded document on the employee’s employment history.
Such written documents can be used as evidence if further action is taken, especially dismissal.
Suspension or Lay-off.
If an offence is of a serious nature, if the employee has repeated an earlier offence or if there have been repeated problems then
an employee may be suspended from work for a period of time without pay.
Demotion.
This is a situation where an employee is demoted to a lower salary or position within an organisation. This is a very serious step
to take and can be regarded as a form. of internal dismissal. This course of action can have negative repercussions because the
employee concerned will feel dissatisfied and such feelings can affect their own work and that of others.
Dismissal.
This is the ultimate disciplinary measure and should be used only in the most extreme cases. As with demotion, the dismissal of
a staff member can lead to wider dissatisfaction amongst the employees.
The employee may nominate a representative at any stage of the procedure, especially at the more serious stages.