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Sir,for Specimen Exam 1 applicable from 2018 Q1 (b)
1. Why the contingent payment cannot be recognised as contingent liabilities(IAS 37)?
And I don’t understand the examiner answer of “IAS 37 Provisions, Contingent Liabilities and Contingent Assets excludes from its scope contracts which are executory in nature, and therefore prevents the recognition of a liability”
What is the mean?
2. Does the offsetting entry refer to Parent’s OCE?
Thank you.
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