ESTIMATED LIABILITIES

Estimated Liabilities

Estimated Liabilities

Critical Accounting Estimates and Judgments

The preparation of financial statements in conformity with HKFRS requires the use of certain critical accounting estimates based on some key assumptions concerning the future(Deason, et al., 2006). It also requires management to exercise its judgement in the process of applying the Company's accounting policies.

Estimated liabilities set out below are some common and important items should be reviewed at end of each reporting date.

Provisions

Provision is recognised when the Company has a present obligation as a result of a past event and it is probable that an outflow of resources embodying economic benefits ...