IAS 37 was issued in 1999 to address creative accounting practices. Standard sets criteria for recognizing provisions, contingent liabilities and assets. Provisions are liabilities of uncertain timing or amount
Commitments are liabilities that are disclosed in financial statement footnotes. AK Steel records operating leases in footnotes, not as liabilities. AK Steel has $42.5 million capital investment commitment not yet recorded. Facebook has $277 million operating lease commitment for 2017. Facebook has $1.24 billion contractual commitments for network infrastructure