What is the correct treatment of contingent liabilities in the financial statements?

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