Recognition of Onerous Contract Liability Under IAS 37 (International Accounting Standard 37) – Provisions, Contingent Liabilities, and Contingent Assets, an onerous contract is one in which the unavoidable costs of meeting the obligations under the contract are higher than the economic benefits that are expected to be received. Under such circumstances, a provision for the onerous c... https://finxl.in/courses/financial-modelling-and-valuation-course.html