According to IAS 37, How Should Contingent Assets Be Recognized

question 24

Multiple Choice

According to IAS 37, how should contingent assets be recognized?

• A) They should be disclosed in the notes to the financial statements if the inflow of resources is probable.
• B) They should be recognized like any other asset, with a debit to "contingent assets."
• C) They should not be disclosed anywhere in the financial statements due to their uncertainty.
• D) They should only be disclosed in the notes to the financial statements if the inflows of resources are virtually certain.

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