IFRS allows for reduced disclosure of contingent liabilities if the disclosure could increase the company`s chance of losing a lawsuit.

Question

Quizplus · Accepted Answer

IFRS requires full disclosure of contingent liabilities unless it is extremely prejudicial to do so, and even then, it does not allow for reduced disclosure but requires explanation for the non-disclosure and the nature of the contingent liability.

IFRS Allows for Reduced Disclosure of Contingent Liabilities If the Disclosure