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

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

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.