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How could one treat contingent liabilities and contingent assets in financial statement?

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تم إضافة السؤال من قبل manaf almas , Auditor , DAR AL NUZUM PUBLIC ACCOUNTANTS
تاريخ النشر: 2013/06/20
RENJITH KUMAR   Ayyappan Nair
من قبل RENJITH KUMAR Ayyappan Nair , Accounts/Admin Manager , Marshal Scale Engineering& Services WLL

first we check and evaluate the actual then we are posted in balance sheet in respectively for finalization of accounts.
Normally we are taking provision when we are make Budjet if any provision posted in Bubjet you must deduct from the actual then only posted in B/S..
If any suggestions send me replay...
Renjith...KSA

Mohammed  Mohammed
من قبل Mohammed Mohammed , Senior SAP Consultant , Abyat Mega Store

As per IAS37,  Both contingent liability and contingent assets require disclosure in financial statement . If outflow / inflow is remote then even disclosure is also not required.

 

 

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