IFRS uses the term "contingent" for assets and liabilities not recognized in the financial statements.

Name: IFRS uses the term "contingent" for assets and liabilities not recognized in the financial statements.
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IFRS uses the term "contingent" to refer to potential assets or liabilities that are not recognized in the financial statements because their existence will be confirmed only by the occurrence or non-occurrence of uncertain future events.

IFRS Uses the Term "Contingent" for Assets and Liabilities Not