12.1 Identify, by indicating the relevant box in the table below, whether each of the following statements about provisions and contingencies is true or false. A company should disclose details of the change in carrying amount of a provision from the beginning to the end True False of the year. Contingent assets must be True False recognised in the financial statements in accordance with the prudence concept. Contingent liabilities must be True False treated as actual liabilities and provided for if it is probable that they will arise. (2 marks)