a Explain with examples the nature of contingent assets and contingent liabilities b Describe the treatment of contingent assets and liabilities in published company financial statements ...

a Contingent assets and contingent liabilities A contingency is a condition that exists at the end of the reporting period where the outcome will be c ...

a. Explain with examples the nature of contingent assets and contingent liabilities . b. Describe the treatment

Question:

a. Explain with examples the nature of contingent assets and .
b. Describe the treatment of contingent assets and liabilities in published company financial statements.
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a...