Under ASPE, a contingent liability is recognized if
A)it is certain that funds are available to settle the contingency.
B)an asset may have been impaired.
C)the amount of the loss can be reasonably estimated and it is likely that an asset has
Been impaired or a liability incurred as of the financial statement date.
D)it is likely that an asset has been impaired or a liability incurred even though the amount
Of the loss cannot be reasonably estimated.

Question

Quizplus · Accepted Answer

Under ASPE, a contingent liability is recognized when it is likely that an asset has been impaired or a liability incurred as of the financial statement date, and the amount of the loss can be reasonably estimated.

Under ASPE, a Contingent Liability Is Recognized If