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Contingent assets and liabilities should or should not be recognised in the financial statements??????????
Contingent assets should not be recognised.
Contingent Liabilities should not be recognised but must be disclosed(as notes), but if the economic outflow of benefits is remote, contingent liabilities may not be disclosed as well.I saw in kaplan book.. its like this.
Virtually certain Contingent liabilities- Provide COntingent asset- recognise
Probable Contingent liabilities -Provide COntingent asset- disclose
Possible Contingent liabilities -Disclose COntingent asset-Ignore
Remote Contingent liabilities-Ignore COntingent asset-Ignore@rubinamohsin how can u say that Contingent assets should not be recognised???
In KAPLAN book its RECOGNISE
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