In AASB 137 Provisions,Contingent Liabilities and Contingent Assets,there is symmetry in the treatment of contingent liabilities and contingent assets where both are required to be disclosed when the contingent event is probable to occur.

Question

Quizplus · Accepted Answer

In AASB 137, there is an asymmetry in the treatment of contingent liabilities and contingent assets. Contingent liabilities are required to be disclosed if the outflow of resources embodying economic benefits is more than remote, whereas contingent assets are not recognized in financial statements but are disclosed only when the inflow of economic benefits is probable.

In AASB 137 Provisions,Contingent Liabilities and Contingent Assets,there Is Symmetry