Under IFRS, contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur.

Name: Under IFRS, contingent liabilities should be recorded in the accounts if there is a remote possibility that the contingency will actually occur.
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Under IFRS, contingent liabilities are not recorded in the accounts if there is only a remote possibility of occurrence; they are only disclosed in the notes to the financial statements.

Under IFRS, Contingent Liabilities Should Be Recorded in the Accounts