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Frs 37 Contingent asset

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Frs 37 Contingent asset

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  • June 3, 2017 at 5:51 am #389832
    desigirl
    Member
    • Topics: 16
    • Replies: 3
    • ☆

    Hi sir,
    If the inflow is possible <50%,is it a contingent asset?And should it be disclosed in notes?
    Thanks.

    June 4, 2017 at 8:30 pm #390335
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 7065
    • ☆☆☆☆☆

    Hi,

    If it is probable (>50%) then we disclose it, otherwise it is ignored. Remember we are applying prudence and it isn’t prudent to recognise an asset unless it is virtually certain.

    Thanks

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