I n t e r a c t I v e t e X t foundations in Accountancy/ acca financial accounting (ffa/FA) bpp learning Media is an acca approved Content Provider

Contingent liabilities (Chapter 11) 

Unless remote, disclose for each contingent liability: 

(i) 

A brief description of its nature; and where practicable 

(ii) 

An estimate of the financial effect 

(iii) 

An indication of the uncertainties relating to the amount or timing of any outflow 

(iv) 

The possibility of any reimbursement 

(IAS 37, para. 86) 

Contingent assets (Chapter 11) 

Where an inflow of economic benefits is probable, an entity should disclose: 

(i) 

A brief description of its nature; and where practicable 

(ii) 

An estimate of the financial effect. 

(IAS 37, para. 89) 

(d) 

Events after the reporting period (These will be covered in more detail in Chapter 21) 

In respect of non-adjusting events after the reporting period disclose: 

(i) 

The nature of the event 

(ii) 

An estimate of its financial effect (or a statement that an estimate cannot be made) 

 

(IAS 10, para. 21)