Explain about the term- contingent liabilities under ias 37, Ask an Expert

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Explain about the term- Contingent liabilities

Under IAS 37 provisions, contingent assets and contingentliabilities, contingent liabilities aren't recognised in the financial statements. Contingent liabilities are less than 50% probable however not remote. The users of accounts need information from the notes to make a proper assessment. Especially as probability figure can be manipulated.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M9580557

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