Under ASPE, reporting in the main body of the financial statements is required for:
A) Loss contingencies that are likely and can be reasonably estimated.
B) Gain contingencies that are likely and can be reasonably estimated.
C) Loss contingencies that are unlikely and can be reasonably estimated.
D) gain contingencies that are unlikely and can be reasonably estimated.

Question

Quizplus · Accepted Answer

ASPE requires reporting of loss contingencies that are likely and can be reasonably estimated in the main body of the financial statements. Gain contingencies and loss contingencies that are unlikely and can't be reasonably estimated should not be reported in the main body of the financial statements.

Under ASPE, Reporting in the Main Body of the Financial