Under ASPE, the Following Should NOT Be Disclosed in Notes

question 81

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 existence 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.

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Definitions:

Impromptu

Something done without being planned, prepared, or rehearsed, often referring to speeches or performances.

Manuscript

A document that contains the original text of an author's work, prepared for publication or presentation.

Topical Pattern

An organizational pattern in speeches or writing that arranges information according to different types or categories.

Spatial

Refers to anything related to, occupying, or having the character of space.