The following are some of the examples of obligating events where the outflow is certain or probable to happen in the future:
The payout to be made against warranty claims can be considered as an obligating event. The seller/manufacturer based on the experience, determine certain claims that are to be settled as warranties against present sales. A fair estimate of the resulting warranting claims must be provided for a provision in books in such cases. A certain percentage of sales can be considered for the same based on past sales and returns trend.
Change in statutory law by the government where the statutory obligation makes the company liable to pay in form or dues, taxes, or penalties for past or present actions. This will also result as an obligating event-based and result in outflows and hence need to be provisioned in books with a reliable estimate.
Change in the probable outcome of ongoing lawsuit, where the chances of unfavorable result are higher than the favorable outcome as obligating event. A provision should be created for the previously recorded contingent liability.
Government policies that require changes in days to day operations, manufacturing lines, capital expenditure, and training of existing employees will lead to an outflow of funds is also known as an obligating event. Government directives towards pollution levels for certain manufacturing setup, which requires additional smoke filter units will be considered as obligating event as it will result in capital expenditure and payout.
Reporting in Financial Statements
The following are the aspects that should be noted while reporting the obligating events in financial statements.
Suppose an event will lead to an outflow in near future and the amount of liability can be ascertained reliability, a provision must be created in books for an obligating event.
If a reliable estimate cannot be determined as a result of present obligation, a footnote must be mentioned as a contingent liability with the tentative amount in financial statements.
If the present obligation does not carry any risk of outflow, no action is required.
If the present obligation has the remote possibility or the probability of outflow is lower than the probability of no outflow, contingent liability with details must be shown in notes of financial statements.
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