Asked by Andrew Cavender on Jun 10, 2024
Verified
Contingent liabilities that are reasonably possible are disclosed in the notes.
Contingent Liabilities
Potential liabilities that may occur depending on the outcome of a future event.
- Outline the procedures for handling and disclosing contingent liabilities.
- Understand the prerequisites for disclosing debts in financial accounts.
Verified Answer
JD
Joshua DaubendiekJun 11, 2024
Final Answer :
True
Explanation :
Contingent liabilities that are reasonably possible are required to be disclosed in the notes to the financial statements.
Learning Objectives
- Outline the procedures for handling and disclosing contingent liabilities.
- Understand the prerequisites for disclosing debts in financial accounts.