Provisions for liabilities recorded when the payment date or amount are not certain (IAS 37 par. 7, 10) ,
Provisions are established when (i) a present obligation (legal or constructive) has arisen as a result of a past event (the obligating event), (ii) payment is probable ('more likely than not'), and (iii) the amount can be estimated reliably. ( IAS 37 par. 14).

Find out more:
http://24ivalue.com/pages/elearning/book/1/page/11/

With 24iValue, you can minimise the risk of material errors in provisions for liabilities and accruals, and improve the quality of financial reporting for which you are responsible. 

If you represent an entity that does not have its financial statements audited, 24iValue may be the sole method to verify what you have prepared.  This way you will minimise the risk of overlooking an error with standard self-control.  24iValue will provide with an independent verification, as it will re-compute what you have in a different manner. With 24iValue, you will objectively assess the materiality of errors, if any.

Please, note that this system has been invented and developed by people with the audit background (including myslef). The experience was gained during almost 15 years of working on audits of hundreds of enterprises of various size and sectors that reported in accordance with different accounting and reporting standards (e.g. IFRS, Polish, UK, and German GAAPs). Due to the significant experience in auditing and extensive knowledge of accounting and reporting issues, it was possible to develop the tools for 24iValue that, although being innovative, supports users using a number of tested and reliable techniques. 

Regards,
Slawomir Ekman, ACCA
24iValue

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