AASB 137 'Provisions,Contingent Liabilities and Contingent Assets' requires information about contingent liabilities to be disclosed in a note to the financial statements where the probability of a future sacrifice of economic benefit is:
A) higher than remote
B) above 20%
C) between 25% and 50%
D) above 50%

Question

Quizplus · Accepted Answer

AASB 137 requires disclosure of contingent liabilities when the probability of an outflow of economic resources is more than remote. Therefore, out of the given options, the best choice is A.

AASB 137 'Provisions,Contingent Liabilities and Contingent Assets' Requires Information About