With reference to IAS 37, identify the correct statements from the following: I A contingent asset should be disclosed by note if an inflow of economic benefits is probable. II. Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to arise. III. No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote. I and III only I, II and II II and III only I and II only

With reference to IAS 37, identify the correct statements from the following: I A contingent asset should be disclosed by note if an inflow of economic benefits is probable. II. Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to arise. III. No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote. I and III only I, II and II II and III only I and II only

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

With reference to IAS 37, identify the correct statements from the following:
I.
A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
II. Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to
arise.
III. No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote.
I and III only
I, II and III
II and III only
I and II only

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