The following statement, contained in AASB 137 Provisions, Contingent Liabilities and Contingent Assets, defines:
' a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity'

Question

Quizplus · Accepted Answer

The definition provided in the statement matches the definition of a contingent asset. A contingent asset is a possible asset that arises from past events and is dependent on the occurrence or non-occurrence of uncertain future events not wholly within the entity's control. It can be recognized only when it is virtually certain that the asset will be received.

The Following Statement, Contained in AASB 137 Provisions, Contingent Liabilities