Provisions contingent liabilities and contingent assets参考.pptVIP

Contingencies Contingent liabilities a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the entity’s control, or a present obligation that arise from past events but is not recognised because: it is not probable that a transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured with sufficient reliability. F7 * Continued Contingent asset a possible asset that arise from past events and whose existence will be co