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Frs 37 Contingent asset

RRapanzela9y ago
Hi sir, If the inflow is possible <50%,is it a contingent asset?And should it be disclosed in notes? Thanks.
P2-D2P2-D2Tutor9y ago#1
Hi, If it is probable (>50%) then we disclose it, otherwise it is ignored. Remember we are applying prudence and it isn't prudent to recognise an asset unless it is virtually certain. Thanks
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