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Hi Mr John…I can’t find the correct answers to this topic which is easy…So frustrating.
Is this statement true?
Contingent assets and liabilities should not be recognized in the financial statements..No it is not true.
You need to look at the chapter in our free lecture notes on contingent assets and liabilities, together with the lecture that goes with it.
Your revision kit is wrong, or you have misread it.
Contingent assets are only recognised if they are virtually certain.
Contingent assets are recognised if they are either virtually certain or are probable.Otherwise they might be disclosed by way of note.
Again, the full provisions of the accounting standard are covered in our lecture notes and the lecture that goes with the notes.
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