Section 56 in The Companies (Indian Accounting Standards) Rules, 2015
56. [ After initial recognition and until the liability is settled, cancelled or expires, the acquirer shall measure a contingent liability recognised in a business combination at the higher of :
(a)the amount that would be recognised in accordance with Ind AS 37; and(b)the amount initially recognised less, if appropriate, the cumulative amount of income recognised in accordance with the principles of Ind AS 115, Revenue from Contracts with Customers.This requirement does not apply to contracts accounted for in accordance with Ind AS 109.] [Substituted by Notification No. G.S.R. 310(E), dated 28.3.2018 (w.e.f. 16.2.2015).]Indemnification assets
