When a contingent liability is "PROBABLE" does it automatically gets converted to provisions?Do we have to recognise it in FS as a provision?
Ask the Tutor ACCA FA
IAS 37
6y ago#1Yes - it is recognised as a provision.
This is all explained in my free lectures on IAS 37. The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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