Report
Annual report and accounts 2023 to 2024
The Gambling Commission's 2023 to 2024 Annual report and accounts. For the period 1 April 2023 to 31 March 2024.
c. Provisions, contingent liabilities and contingent assets
Provisions are assessed according to International Accounting Standards (IAS) 37 guidance, ensuring a legal or constructive obligation exists at the balance sheet date, which have a probable outflow of economic resources and can be measured reliably.
Provisions and contingent liabilities are measured at the best estimate (including risk and uncertainties) of the expenditure required to settle the present obligation and reflects the present value of expenditure required to settle the obligation where the time value of money is material.
Unquantifiable contingent liabilities cannot be measured as it is not possible to obtain a reliable estimate, due to the nature, scope, range and scale of possible scenarios that might occur. These contingent liabilities are treated as unquantifiable.
A contingent asset is included where a possible asset is identified in line with IAS 37. Contingent assets are assessed continually to ensure that developments are appropriately reflected in the financial statements. If it has become virtually certain that an inflow of economic benefits will arise, the asset and the related income are recognised in the financial statements of the period in which the change occurs.
Last updated: 17 October 2024
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