1 True 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 False details of the change in carrying amount of a provision from the beginning to the end of the year Contingent assets must be True Faise recognised in the financial statements in accordance with the prudence concept. True False Contingent liabilities must be treated as actual liabilities and provided for if it is probable that they will arise