The following parts of this question relate to contingent assets. a. What is a contingent asset? b.

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The following parts of this question relate to contingent assets.

a. What is a contingent asset?

b. When should a contingent asset be disclosed within the notes to the financial statements?

c. If something is initially disclosed as a contingent asset, when can it subsequently be recognized as an ‘asset’ within the financial statements?

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Financial Accounting

ISBN: 9781743767382

9th Edition

Authors: Craig Deegan

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Question Posted: Sep 03, 2023 06:47 AM

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The following parts of this question relate to contingent assets. a. What is a contingent asset? b.

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a A contingent asset is defined in AASB 137 as a possible asset that arises from past events and who...View the full answer

Financial Accounting

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