Under ASPE, the Following Should Not Be Disclosed in Notes

question 125

Multiple Choice

Under ASPE, the following should not be disclosed in notes to the financial statements.

• A) If the contingency is unlikely and the chance of occurrence is small.
• B) If the contingency is likely but the amount of the loss cannot be reasonably estimated.
• C) If the likelihood of occurrence of the contingent liability is not determinable.
• D) If the contingency is unlikely but it could have a substantial negative effect on the company's financial position.