With respect to International Accounting Standard (IAS) 37 ,provisions ,contingent liabilities and contingent Assets,Describe the accounting treatment of contingent liabilities in the financial statements

With respect to International Accounting Standard (IAS) 37 ,provisions ,contingent liabilities and contingent Assets,Describe the accounting treatment of contingent liabilities in the financial statements

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An entity shall not recognize a contingent liability Unless the possibility of any outflow in settlement is remote, an entity should disclose for each class of contingent liability at the end of reporting period a brief description of the nature of the contingent liability and where, practicable

1. An estimate of its financial effect.
2.An indication of the uncertainties relating to the amount of timing of any outflow; and
3. The possibility of any reimbursement.

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Wilfykil answered the question on February 8, 2019 at 06:16

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