what is contingent liabilty, how it shows in balance sheet?
Answer Posted / barodianbuddy(acca)
A contingent liability: a possible obligation depending on whether some uncertain future event occurs
According to IAS 37
Recognition of provision for contingent liability
Virtually certain ( > 95% ) - provide
Probable ( 50% to 95%) - provide
Possible ( 5% to 50% )- disclose by note
Remote ( < 5% )- no disclosure
Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
salary and rent entry with tds deduct
How to group the companies in tally?
I select in Vendor Master - in defualt data material - Purchasing Group as a Subcontractor but how to get report or list only Subcontractor Vendor Master in sap?
What is partnership accounting?
What is accounting normalization?
if you are a hard working nature conclude your self?
I have deducted Notice pay Rs. 5000/- in which account to be booked the same enty, what is the head for notice pay in profit and loss a/c.
Do you know what are trade bills?
When their is one pick point and four unloading places with in same district their is need to write four number of way biils
i need clarification about tds will be calculate before deductions or after deductions on gross salary+incentive
What is good accounts Process & Execution capabilities?
What is the Project Accounting in case of Real Estate or Construction Co`s ?
What do you mean by balancing of ledger account?
What does the abbreviation m mean in accounting?
could i know how to accounting lease intrest ?