IAS no.37 stipulates general guidlelines to present contingent assets and liabilities. Considering those guidelines, write if is that the accounting treatement for both contingent assets and contingent liabilities with respective outcome or probability so is should be recorded, disclosed, or not disclosed?

Virtually certain (at least 90% chances)

Probable (more likely than not 51-89% chances)

Possbile but not probable (5-50% chances)

Remote (less than 5% chances)