Contingent liability is not disclosed in Financial Statement. If possibility of outflow is remote as per IAS 37. A. True B. False

The objective of IAS37 is to ensure that appropriate recognition criteria and measurement bases are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to the financial statements to enable users to understand their nature, timing and amount. The key principle established by the Standard is that a provision should be recognized only when there is a liability ie a present obligation resulting from past events. The Standard thus aims to ensure that only genuine obligations are dealt with in the financial statements - planned future expenditure, by authorized even where the board of directors or equivalent governing body, is excluded from recognition.

True

I think we are mixing recognition with disclosure.......Shouldn't such liability be disclosed?

agreed with Mr ven

Citi Bank  United Kingdom14th Of January20153 Hanover Square, LondonW1S1HD, United KingdomTél. :+Fax : +http://www.citibank.co.uk/You Are Hereby Notified That Your Inheritance/Contract Payment Of £12,500000 (Twelve Million Five Hundred Thousand Great British Pounds) Has Been Approved To Be Made To You Through Central Bank ATM Visa Master Card. Due to Fraud and E-mails from different Agencies without making the delivery to the rightful owners of the ATM Card We have decided to make the distribution to every individuals that was nominated as a Beneficiary by The Government Body of United Nation as a redeemable way of making life better due to the Economy Recession. and we shall send you the Certificate of deosit for you to go through it as wellYou are to make available a details of Western Union or Money Gram of £3,300 for Shipment and Insurance Handling of your ATM Parcel DHL Courier Services and UPS Services.The Security Fees of £3,300 must be paid to be safe during the transaction and from unwarranted Bills from our client. After the Security Payment is paid Your ATM Card will be made available to you through your information you posted to us within8 days because as soon as we received your information The Bank will inscribe your information on your ATM Card and send you your Operating Codes Via Alert on your Phone for Privacy and the card will be dispatch to you immediately.A certificate shall be issued to you to present to your Local Bank as a form of Identities and Recognitions as the bearer of the Funds.For your information you are advised to call me to know your Funds Manager before you start making any payment call us through the Phone Number below.You Are Advised To Re-Confirm To Us The Below Information Or Call Me Immediately For More Details: + You can E-mail here: ()1. Full Name:2. Phone & Fax Number:3. Address Were the ATM Card will be posted to (P.O Box Not Acceptable)4. Bank Coordinate:5. Sex/Age:6. Status & Occupation:7. Country:Best RegardsBrian McAreavey,CEO- Citibank Plc.Phone Number: +

True