Contingent Liabilities

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June 5, 2013 at 5:04 am #129255
K1
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Hi there,

Can any one explain why a contingent liability in Dec’12’s F7 paper a contingent liability is recognised in calculating Goodwill at Acquisition? Does this mean these should be recognised?

Till now, in the books I’ve seen, contingent liabilities have always been described as something you make a disclosure of but do not recognise.

Thanks
June 5, 2013 at 8:04 am #129281
MikeLittle
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But when calculating goodwill on the acquisition of a subsidiary, we DO take into account the fair value of contingencies per IFRS 3
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