Contingent assets - Revision history

imported>Doug Williamson: Add links.

2022-09-10T20:36:18Z

Add links.

← Older revision		Revision as of 20:36, 10 September 2022
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	* [[Assets]]		* [[Assets]]
	* [[Balance sheet]]		* [[Balance sheet]]
			* [[Contingency]]
			* [[Contingent]]
	* [[Contingent liabilities]]		* [[Contingent liabilities]]
	* [[Disclosure]]		* [[Disclosure]]

imported>Doug Williamson: Add links.

2022-07-31T17:45:51Z

Add links.

← Older revision		Revision as of 17:45, 31 July 2022
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	* [[Balance sheet]]		* [[Balance sheet]]
	* [[Contingent liabilities]]		* [[Contingent liabilities]]
			* [[Disclosure]]
	* [[FRS 102]]		* [[FRS 102]]
	* [[IAS 37]]		* [[IAS 37]]
	* [[Realisation]]		* [[Realisation]]
			* [[Recognition]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Add links.

2019-05-05T19:12:10Z

Add links.

← Older revision		Revision as of 19:12, 5 May 2019
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	== See also ==		== See also ==
			* [[Assets]]
			* [[Balance sheet]]
	* [[Contingent liabilities]]		* [[Contingent liabilities]]
	* [[FRS 102]]		* [[FRS 102]]

imported>Doug Williamson: Expand for IAS 37.

2019-02-24T15:05:40Z

Expand for IAS 37.

← Older revision		Revision as of 15:05, 24 February 2019
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	Relevant accounting standards include Section 21 of FRS 102.		Relevant accounting standards include Section 21 of FRS 102 and IAS 37.


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	* [[Contingent liabilities]]		* [[Contingent liabilities]]
	* [[FRS 102]]		* [[FRS 102]]
			* [[IAS 37]]
	* [[Realisation]]		* [[Realisation]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Categorise.

2018-02-28T10:02:24Z

Categorise.

← Older revision		Revision as of 10:02, 28 February 2018
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	* [[FRS 102]]		* [[FRS 102]]
	* [[Realisation]]		* [[Realisation]]

			[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Emphasise key words.

2017-11-28T11:02:01Z

Emphasise key words.

← Older revision		Revision as of 11:02, 28 November 2017
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	Contingent assets are defined as possible assets that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain events not wholly within the reporting entity’s control.		Contingent assets are defined as possible assets that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain events not wholly within the reporting entity’s control.

	~~The generally accepted accounting treatment for contingent assets is that a contingent asset should not be recognised because it could result in the recognition of profit that may never be realised.~~

	~~Where the inflow of economic benefits~~ is ~~probable the entity should disclose~~ a ~~brief description of the~~ contingent asset ~~and an indication~~ of ~~its financial effect~~.		The generally accepted accounting treatment for contingent assets is that a contingent asset should ''not'' be recognised, because it could result in the recognition of profit that may never be realised.

	If there is only the possibility of an asset arising no mention at all should be made in the accounts.		Where the inflow of economic benefits is ''probable'' the entity should disclose a brief description of the contingent asset and an indication of its financial effect.

			If there is only the ''possibility'' of an asset arising no mention at all should be made in the accounts.

imported>Doug Williamson: Update for FRS 102

2015-11-06T10:29:23Z

Update for FRS 102

← Older revision		Revision as of 10:29, 6 November 2015
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	If there is only the possibility of an asset arising no mention at all should be made in the accounts.		If there is only the possibility of an asset arising no mention at all should be made in the accounts.


			Relevant accounting standards include Section 21 of FRS 102.


	== See also ==		== See also ==
	* [[Contingent liabilities]]		* [[Contingent liabilities]]
	* [[FRS 12]]		* [[FRS 102]]
	* [[Realisation]]		* [[Realisation]]

imported>Doug Williamson: Link with Realisation page.

2015-08-08T21:48:07Z

Link with Realisation page.

← Older revision		Revision as of 21:48, 8 August 2015
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	* [[Contingent liabilities]]		* [[Contingent liabilities]]
	* [[FRS 12]]		* [[FRS 12]]
			* [[Realisation]]

imported>Doug Williamson: Spacing

2013-08-03T06:42:50Z

Spacing

← Older revision		Revision as of 06:42, 3 August 2013
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	''Financial accounting''.		''Financial accounting''.

	Contingent assets are defined as possible assets that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain events not wholly within the reporting entity’s control.		Contingent assets are defined as possible assets that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain events not wholly within the reporting entity’s control.

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	* [[Contingent liabilities]]		* [[Contingent liabilities]]
	* [[FRS 12]]		* [[FRS 12]]

imported>Administrator: CSV import

2012-10-23T14:19:06Z

CSV import

New page

''Financial accounting''.
Contingent assets are defined as possible assets that arise from past events and whose existence will be confirmed only by the occurrence of one or more uncertain events not wholly within the reporting entity’s control.

The generally accepted accounting treatment for contingent assets is that a contingent asset should not be recognised because it could result in the recognition of profit that may never be realised.

Where the inflow of economic benefits is probable the entity should disclose a brief description of the contingent asset and an indication of its financial effect.

If there is only the possibility of an asset arising no mention at all should be made in the accounts.

== See also ==
* [[Contingent liabilities]]
* [[FRS 12]]