In AASB 137 Provisions,Contingent Liabilities and Contingent Assets,there Is Symmetry

question 16

True/False

In AASB 137 Provisions,Contingent Liabilities and Contingent Assets,there is symmetry in the treatment of contingent liabilities and contingent assets where both are required to be disclosed when the contingent event is probable to occur.

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Definitions:

Income Statements

A financial statement that shows a company's revenues, expenses, and net income over a specific period of time.

Annual Basis

This term usually refers to the accounting or financial evaluation of certain activities, income, or expenses projected or calculated over the span of a year.

Balance Sheet

A document outlining a corporation's financial standing, detailing assets, liabilities, and equity of shareholders on a given date.

Market Value

The current price at which an asset or a company can be bought or sold in a public market.