'a possible asset that arises from past
events and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly within
the control of the entity'
(IAS 37, para 10).
An example of a contingent asset is when a business claims compensation from
another party and the outcome of the claim is uncertain at the reporting date.
Accounting for contingent liabilities and contingent assets
The requirements of IAS 37 regarding contingent liabilities and contingent
assets are summarised in the following table:
Do'stlaringiz bilan baham: |