what is appending note regarding contingent liabilities??

accountancy

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  • This follows the requirements of IAS 37. There are two types of contingent liabilities as described in the Standard: 
    (a) A possible obligation from past events; whose existence will be confirmed only by the occurrence or non occurrence of one or more future uncertain events and these events are not within the control of the entity. 
    (b) A present obligation from past events that is not recognized because the recognition criteria are not met because it is not probable that an outflow of economic benefits will be needed to settle the obligation OR the amount can not be measured reliably.
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