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Hi Sir,
I want to ask a question in a mock test in BPP Kit.
In the answer, it is stated that “Probable contingent liabilities should be disclosed is a True statement.”
I think that probable contingent liabilities should be provided for in the face of financial statement, not disclose in note. Does “disclose” mean disclosure in notes to statement?
I look forward to your explanation!
Thank you Sir!It is confusing wording.
Just saying that they should be disclosed means that they must appear somewhere (in the statements or in the notes). In this case they should be in the financial statements.
Had it said that they should be disclosed in the notes, then it would have been a false statement.
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