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Contingent assets/ liabilities

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Contingent assets/ liabilities

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • September 2, 2017 at 4:43 pm #405032
    amcilvenny
    Member
    • Topics: 9
    • Replies: 3
    • ☆

    Dear sir,

    Please could you clarify the following for me.
    I understand that in an entities own financial statements a contingent liability is not recognised and only disclosed and likewise a contingent asset is not recognised and only disclosed if probable.
    Could you clarify the treatment in group accounts – am I right in saying that both are included as provisions upon consolidation?

    Thanks

    September 2, 2017 at 5:13 pm #405042
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23335
    • ☆☆☆☆☆

    Yes, you are correct on all counts

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • The topic ‘Contingent assets/ liabilities’ is closed to new replies.

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