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Kutchen co (specimen paper)-Q1)b)
sir here the contingent payments based on “profits” are treated as Financial liability whereas in the TA based on ICO states that any payments to be made to token holders based on again, “profits” will be treated as contingent liability.
can you please clarify this sir? contingent payments based on profits are Contingent liability or financial liability?
Depends on circumstances.
In group accounts, they will be a financial liability.
In individual accounts recognise financial liability if probable and disclose contingent liability if possible