Contingent assets are not reported in the statement of financial position.

Name: Contingent assets are not reported in the statement of financial position.
Brand: Quizplus
Rating: 4.9 (32 reviews)

Question

Quizplus · Accepted Answer

Contingent assets are potential assets that may arise from uncertain events, and their recognition is subject to certain conditions being met. Therefore, they are not reported in the statement of financial position unless their realization is virtually certain.

Contingent Assets Are Not Reported in the Statement of Financial