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| 5 | Where another standard deals with a specific type of provision, contingent liability or contingent asset, an entity applies that standard instead of this standard. For example, IFRS 3 Business combinations addresses the treatment by an acquirer of contingent liabilities assumed in a business combination. Similarly, certain types of provisions are also addressed in standards on: (a) construction contracts (see IAS 11 Construction contracts); (b) income taxes (see IAS 12 Income taxes); (c) leases (see IAS 17 Leases). However, as IAS 17 contains no specific requirements to deal with operating leases that have become onerous, this standard applies to such cases; (d) employee benefits (see IAS 19 Employee benefits); and (e) insurance contracts (see IFRS 4 Insurance contracts). However, this standard applies to provisions, contingent liabilities and contingent assets of an insurer, other than those arising from its contractual obligations and rights under insurance contracts within the scope of IFRS 4.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-08 · Text as adopted (Official Journal); later amendments are not incorporated in this text.