alleryStart learning →Which statement about contingent liabilities under IAS 37 is correct?
AThey are always recognized as expenses
BThey are not recognized in the statements
CThey are recognized at fair value
DThey are netted against equity
Answer & Solution
Correct answer: B. They are not recognized in the statements
Contingent assets and liabilities are not recognized in the financial statements, though disclosure may be needed.
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