The document discusses Accounting Standard 29 (AS-29) regarding provisions for contingent liabilities. It defines contingent liabilities as possible obligations arising from past events that will only be confirmed by uncertain future events outside the company's control. Provisions should be made for obligations from past events when a reliable estimate can be made and the obligation is likely to affect the company's finances. AS-29 requires contingent liabilities and provisions to be disclosed in footnotes, including estimates of financial effects and uncertainties for contingent liabilities, and details of movements in provisions. An example is given of a company providing a provision for a guarantee it gave on another company's loan.

1. Financial accounting for managers 1)Understanding corporate Balance sheet 11)AS-17 2)Understanding corporate P/L account 12)AS-18 3)Notes to accounts 13)AS-21 4)AS-1 14)AS-28 5)AS-3 15)AS-29 6)Auditors report 16)Common size statements 7)Directors report 17)Comparative financial statements 8)Corporate governance report 18)Ratio analysis-profitability,turnover,liquidity,leverage,solvency,capital market ratios 9)AS-2 19)Du Pont analysis 10)AS-9 20)FFS

2. Topic number-15 : AS-29 (provisions for contingent liabilities) Presented by Amit Dinesh kumar. J

9. Balance sheet of Y ltd as on 31 st march, 2011 Liabilities Rs Assets Rs Current liabilites: Current assets Bank overdraft xxx Cash in hand xxx B/P xxx Cash at bank xxx Outstanding expenses xxx B/R xxx Sundry creditors xxx Sundry debtors xxx Income received in advance xxx Prepaid expenses xxx Accrued income xxx Closing stock xxx Long term liabilities: Fixed assets: loan xxx Furniture and fixture xxx Capital: opening balance xxx Plant machinery xxx Net profit xxx building xxx Net loss land xxx drawing xxx goodwill xxx