this one's actually a huge topic and regularly the subject of quite complex scenario questions for the financial reporting and audit papers.
This one is definitely one of the standard that you should read in it's entirety including the appendices.
As always the Deloitte page on IAS37 is a very useful introduction. See here :
http://www.iasplus.com/standard/ias37.htm
You need to memorise the exact wordings of the definitions of the following :
Asset
Liability
Continigent Asset
Contingent Liability
Provision
Obligating event
Constructive Obligation
The questions in the exams will expect you to regurgetate the definitions and apply them to the scenarios giving constructive appraisal of the handling of various scenarios.
To my mind IAS37 is right up there with IAS16 and IAS38 amongst the most important standards to master.
If I get chance later I'll have a dig around and point you at some old Audit exam papers where IAS37 has been covered. I know that there was quite a good one about consignment stock a few years back but cannot for the life of me remember the year.
Because the subject is so large I can't really give a full reply covering everything here but if you have specific questions just post and I'm quite happy to answer those.
Kind regards,
Shaun.
P.S. Best way to memorise exact wordings is keep wring it, again, and again, and again until you have it perfect and then to write them all out at least once every two days until you can lie in bed and do them from memory in your head.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
