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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Liability
The liability we record often in SOFP has virtually certain chances or probable chances?
Most liabilities in the SOFP are obviously certain (e.g. payables).
In the case of provisions and contingent liabilities, they appear in the SOFP if they are probably (i.e. more than 50%, which automatically includes them being virtually certain), and explained in my free lectures on this.
