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Contingent asset

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Contingent asset

  • This topic has 5 replies, 2 voices, and was last updated 7 years ago by MikeLittle.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • May 2, 2018 at 10:46 am #449785
    hbwiza21
    Member
    • Topics: 53
    • Replies: 58
    • ☆☆

    Do we recognise when virtually certain or when recieved (as it’s no longer contingent asset)?

    May 2, 2018 at 2:01 pm #449804
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23334
    • ☆☆☆☆☆

    See my answer to your previous post on contingent liabilities!

    Include the contingent asset value as though it were a cast-iron certainty when valuing the fair value of an entity’s net assets on the occasion of that entity being acquired by a new parent entity

    OK?

    May 2, 2018 at 2:08 pm #449807
    hbwiza21
    Member
    • Topics: 53
    • Replies: 58
    • ☆☆

    A little confused. we would only disclose contingent liabilities and assets. However when would we recognise?

    Not asking from an acquisition point of view.

    May 2, 2018 at 2:15 pm #449810
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23334
    • ☆☆☆☆☆

    Assets? When virtually certain ie > 95%

    Liabilities, when probable ie > 50%

    OK?

    May 3, 2018 at 6:38 am #449898
    hbwiza21
    Member
    • Topics: 53
    • Replies: 58
    • ☆☆

    Yes. Got this down.

    Thanks!

    May 3, 2018 at 7:22 am #449905
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23334
    • ☆☆☆☆☆

    You’re welcome

  • Author
    Posts
Viewing 6 posts - 1 through 6 (of 6 total)
  • The topic ‘Contingent asset’ is closed to new replies.

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