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Question practice -contingent

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Question practice -contingent

  • This topic has 1 reply, 2 voices, and was last updated 11 months ago by Kim Smith.
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  • October 25, 2022 at 1:14 pm #669927
    jangodango
    Participant
    • Topics: 28
    • Replies: 14
    • ☆

    Question 4 says that it is possible for inflow of resources in other words certain so I don’t know why the answer is no adjustment, no disclosure. Please explain?

    October 25, 2022 at 1:46 pm #669929
    Kim Smith
    Keymaster
    • Topics: 109
    • Replies: 7401
    • ☆☆☆☆☆

    Short answer – that is the correct treatment (IAS 37)

    The accounting treatment, which depends on “likelihood”, is summarised on page page 118 of the notes – see the explanation on that page regarding contingent assets.

    “Probable” means “more likely than not” – i.e. >50% (this is assumed knowledge of IAS 37 from FA).

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