Frs 37 Contingent asset

This topic has 1 reply, 2 voices, and was last updated 9 years ago by P2-D2.

Viewing 2 posts - 1 through 2 (of 2 total)

Author

Posts
June 3, 2017 at 5:51 am #389832
desigirl
Member
- Topics: 16
- Replies: 3
Hi sir,
If the inflow is possible <50%,is it a contingent asset?And should it be disclosed in notes?
Thanks.
June 4, 2017 at 8:30 pm #390335
P2-D2
Keymaster
- Topics: 4
- Replies: 7235
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
Author

Posts

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.