Contingent Liabilities must be disclosed in the financial reports:

Group of answer choices:

Yes, as a note disclosure including an indication of the uncertainties relating to the amount or timing of any outflow; and the possibility of any reimbursement.

Yes, as a note disclosure providing a reliable estimate of the financial inflow.

No, contingent liabilitiesare are not part of the financial statement

Yes, they must be disclosed in the balance sheet.