Under IAS 37, Provisions, Contingent Liabilities, and Contingent Assets,how are contingent liabilities treated in the financial statements? IAS 37 does not address contingent liabilities. They are recorded as current liabilities on the Balance Sheet if the amount is reasonably measured. They are not recognized on the Balance Sheet and are disclosed in the footnotes unless possiblity of economic future benefits is remote. They are recorded as Long Term Liabilities on the Balance Sheet