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What is the correct treatment of contingent liabilities in the financial statements? O Contingent liabilities are to be recognised as a separate category in the statement of financial position, with a clear note disclosure of the factors that constitute the contingent event for each material contingent liability. O Material contingent liabilities only are required to be recognised in statement of financial position under AASB 137/IAS 37. O Contingent liabilities are required to be disclosed in the notes to the financial statement unless the possibility of an outflow in settlement is remote. O Contingent liabilities are to be recognised in the statement of financial position and included in categories that reflect their nature and possible timing