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Contingent assets/ liabilities

AAgnes9y ago
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
MikeLittleMikeLittleTutor9y ago#1
Yes, you are correct on all counts
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