ICDS 10 vs. AS 29

The corresponding AS to ICDS - 10 'Provisions, Contingent Liabilities and Contingent Assets' is AS - 29 'Disclosure Provisions, Contingent Liabilities and Contingent Assets'

Point of Difference

Basis	AS - 29	ICDS - 10
Recognition	Provisions shall be recognised if it is probable that outflow of economic resources will be required	Provisions shall be recognised if it is reasonably certain that outflow of economic resources will be required.
Obligation	Clarifies that obligations may be legally enforceable and may also arise from normal business practice, custom and a desire to maintain in good business relations or act in an equitable manner.	No specific clarification.
Onerous Executory Contracts	Applicable only on onerous contracts (not on other executory contracts). Requires upfront recognitionof liabilities under onerous contracts.	Not applicable to executory contracts. Onerous contracts not specifically excluded.
Contingent Assets/ Reimbursement Claims	Recognised if inflow of economic benefits/ reimbursement is virtually certain.	Recognised if inflow of economic benefits/reimbursement is reasonably certain.