Question
if a liability fails the recognition criteria because the possibility of any outflow in settlement is remote, it should A be recognised as a loss
if a liability fails the recognition criteria because the possibility of any outflow in settlement is remote, it should
A be recognised as a loss
B be recognised as a contingent liability and disclose in the notes
c be recognised as a contingent liability and need not be disclose in the notes
d not to be recognised the financial statement at all
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
