Contingent Liabilities and Commitments

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United Arab Emirates University

College of Business and Economics, Accounting Department

Intermediate Accounting II, Acct 245

Group Project

(10% of course assessment)

Assessment rules

  1. Always refer to your source of information in citations.
  2. The department has a zero tolerance towards plagiarism (coping, outsourcing, etc.). Also, if a student’s report is taken from another student’s report, both students will be awarded ZERO.

Project: –

  1. Read the document named Financial Statement Disclosures – PwC Document.
  1. Explain the concept of “Contingencies and Commitments Disclosures”.
  1. Research relevant IFRS/IAS issued regarding disclosure requirements of “Contingencies and Commitments Disclosures”. Summarize the major points as per the relevant IFRS/IAS.
  1. Research the discussions/opinions/reviews/comments by industry specialists i.e. PwC, KPMG, E&Y or Deloitte regarding disclosures of “Contingencies and Commitments Disclosures”. Summarize the key points.
  1. Put minimum two extracts of “Contingencies and Commitments Disclosures”from different organizations presenting financial statements as per IFRS.
  1. Hold combined group discussions of minimum 3 hours to discuss the above project.

Length of discussion:The length of your discussion for this section should be 2000-2500 words.


Total marks: 10

Marks for combined work: 7

Marks for individual viva: 3

Marks for combined work would be assigned on following criteria

  • Contents of the project ( 1 mark)
  • Resources consulted for the project (2 mark)
  • Clarity of the sentences and interrelated paragraphs (2 mark)
  • Summarizing skills (1 mark)
  • Team working(1 mark)

Marks for individual viva

  • Technical knowledge of the subject matter (1 mark)
  • Logical answering of the questions (2 marks)



SKU: contingent-liabilities-and-commitments Category: