In IAS 37 Provisions,Contingent Liabilities and Contingent Assets,there is symmetry in the treatment of contingent liabilities and contingent assets where both are required to be disclosed when the contingent event is probable to occur.

Question

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IAS 37 requires contingent liabilities to be disclosed when the outflow of resources is not probable, but contingent assets are only disclosed when the inflow of resources is virtually certain.

In IAS 37 Provisions,Contingent Liabilities and Contingent Assets,there Is Symmetry