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Provision required or not

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Querist : Anonymous

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Querist : Anonymous (Querist)
14 May 2012 Dear Experts,

A Limited company paid Advance for land but the deal was canceled & party refuse to refund the advance amount. Matter is pending in court.

Whether provision for RDD is required in the books.
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Sanjay Chauhan (IFRS)

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Sanjay Chauhan (IFRS) (Expert)
15 May 2012 Considering the legal right to receive and progress of court proceedings, an entity needs to impair its advance / recoverable.

If there is a probability of recovering some percentage, provision should be made for balance.
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