n) Provisions

A provision is recognized when an enterprise has a present obligation as a result of past
event and it is probable that an outflow of resources will be required to settle the
obligation, in which reliable estimates can be made. Provisions are determined based on
management estimates required to settle the obligation at the balance sheet date. These
are reviewed at each balance sheet date and adjusted to reflect the current management
estimates.

o) Contingent liabilities

A contingent liability is a possible obligation that arises from past events whose
existence will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the firm or a present obligation that is not
recognized because it is not probable that an outflow of resources will be required to
settle an obligation. A contingent liability also arises in extremely rare cases where there
is a liability that cannot be recognized because it cannot be measured reliably. The firm
does not recognize a contingent liability but discloses its existence in the financial
statements.

p) Current versus non-current classification

The Firm presents assets and liabilities in the balance sheet based on current/non-
current classification.

An asset is current when it is:

• Expected to be realized or intended to be sold or consumed in normal operating cycle

• Held primarily for the purpose of trading

• Expected to be realized within twelve months after the reporting period or

• Cash or cash equivalent unless restricted from being exchanged or used to settle a
liability for at least twelve months after the reporting period

All other assets are classified as non-current.

A liability is current when:

• It is expected to be settled in normal operating cycle

• It is held primarily for the purpose of trading

• It is due to be settled within twelve months after the reporting period or

• There is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period.

The Firm classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.