AASB 137 Provisions, Contingent Liabilities and Contingent Assets requires the accrual and disclosure of remote contingent losses that can be reasonably estimated.

Question

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AASB 137 requires the disclosure of contingent liabilities unless the possibility of an outflow of resources embodying economic benefits is remote. It does not require the accrual of remote contingent losses.

AASB 137 Provisions, Contingent Liabilities and Contingent Assets Requires the Accrual