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In general terms, a contingent liability is a possible obligation that depends upon the outcome of a future event that is within the control of the entity.
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International standard IAS24 requires an entity's financial statements to be restated so that transactions with related parties are reported at the prices that would have applied if the transactions had been carried out at arm's length.
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Contingent liabilities are:
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If a material non-adjusting event occurs after the reporting date but before the financial statements are approved, which information should be disclosed in the financial statements?
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IAS 10 states that if an entity declares dividends after the reporting period, the entity __________ those dividends as a liability at the end of the reporting period.
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The following information should be prominently displayed where and when necessary for one to identify financial statements prepared in accordance with IFRS except:
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An entity should present each material class of similar items.
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It is not necessary for an entity to clearly identify each financial statement and the notes.
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IFRS for SMEs does not permit the use of the cost and fair value methods as alternatives when accounting for investment in associates.
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An entity should retain the presentation and classification of items in the financial statements from one period to the next except in specific conditions.
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