CHAPTER 5
5.4 PRESENTATION OF TRADE PAYABLES, PROVISIONS, CONTINGENT LIABILITY AND CONTINGENT ASSETS IN FINANCIAL STATEMENTS Trade payable should be presented as current liability in the Statement of Financial Position. Provisions are reported either as current, or non-current liabilities, depending on the date of expected payment. If the provision is expected to be settled during 12 months from the reporting date, it is classified as current liabilities. Otherwise, the provision should be classified as non-current liabilities. A contingent liability is recorded if the contingency is likely, and the amount of the liability can be reasonably estimated. The liability may be disclosed in a footnote on the financial statements unless both conditions are not met. A contingent asset should be disclosed in the director’s report where an inflow of economic benefits is probable. When the realization of income is certain, then the related asset is not a contingent asset and its recognition as an asset is appropriate. Vast IT Pro Statement of Financial Position as at 31 Dec 2019 Note Non-Current Liabilities Deferred tax liabilities 17 Borrowings 18 Provision for litigation Current Liabilities Trade and other payables 19 Provision for repairs Borrowings 18 Current tax liabilities
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Notes to the Financial Statements - Note 19- Trade and Other Payables
Trade payables Third parties Other payables Third parties Deposits received Accruals
Balance as at 1 Jan 2019 RM’000
Balance as at 31 Dec 2019 RM’000
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