C4 (d) Unused amounts reversed during the period. An enterprise should disclose the following for each class of provision: (a) A brief description of the nature of the obligation and the expected timing of any resulting outflows of economic benefits; (b) An indication of the uncertainties about those outflows. Where necessary to provide adequate information, an enterprise should disclose the major assumptions made concerning future events, and (c) The amount of any expected reimbursement, stating the amount of any asset that has been recognised for that expected reimbursement. Unless the possibility of any outfiow in settlement is remote, an enterprise should disclose for each class of contingent liability at the balance sheet date a brief description of the nature of the contingent liability and where practicable: (a) An estimate of its financial effect, (b) An indication of the uncertainties relating to any outflow; and (c) The possibility of any reimbursement. Miscellaneous illustrations Illustration 1 The company deals in three products, A, B and C, which are neither similar nor interchangeable. At the time of closing of its account for the year 2005-06. The Historical Cost and Net Realizable Value of the items of closing stock are determined as follows: Items Historical Cost Net Realisable (Rs.in lakhs) Value (Rs. in lakhs) 40 28 B 32 32 16 24 What will be the value of Closing Stock? A