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If a contingent liability is reasonably estimable and it is reasonably possible that the contingency will occur, the contingent liability should be disclosed in the
If a contingent liability is reasonably estimable and it is reasonably possible that the contingency will occur, the contingent liability
should be disclosed in the notes accompanying the financial statements.
should be recorded in the accounts.
should not be recorded or disclosed in the notes until the contingency actually happens.
must be paid for the amount estimated.
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