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Define in detail the terms of contingent assets

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QUESTION - MFRS 137 Provision, Contingent Liabilities and Contingent Assets prescribes the accounting treatment for provisions contingent liabilities and contingent assets.

Required -

a) Define in detail the terms of Contingent Assets and Obligating Event.

b) Discuss in detail the difference between probable and possible contingent liabilities.

Reference no: EM132884756

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