Contingent assets and Council of Europe: Difference between pages

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(Emphasise key words.)
 
imported>Doug Williamson
(Create page. Source: Council of Europe webpage https://www.coe.int/en/web/about-us/values)
 
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''Financial accounting''.
''European Union (EU).''


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 Council of Europe advocates freedom of expression and of the media, freedom of assembly, equality, and the protection of minorities.


The Council of Europe helps member states fight corruption and terrorism and undertake related judicial reforms.


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.
Its members include 47 states, including all 28 European Union member states.


If there is only the ''possibility'' of an asset arising no mention at all should be made in the accounts.
The Council of Europe promotes human rights through international conventions, such as the Convention on Preventing and Combating Violence against Women and Domestic Violence and the Convention on Cybercrime.  




Relevant accounting standards include Section 21 of FRS 102.
==See also==
*[[Council of Europe Development Bank]]
*[[Cybercrime]]
*[[European Central Bank]]
*[[European Commission]]
*[[European Council]]
*[[European Parliament]]
*[[European Union]]
*[[High Council]]


 
[[Category:Accounting,_tax_and_regulation]]
== See also ==
[[Category:The_business_context]]
* [[Contingent liabilities]]
[[Category:Ethics]]
* [[FRS 102]]
* [[Realisation]]

Revision as of 18:15, 21 July 2019

European Union (EU).

The Council of Europe advocates freedom of expression and of the media, freedom of assembly, equality, and the protection of minorities.

The Council of Europe helps member states fight corruption and terrorism and undertake related judicial reforms.


Its members include 47 states, including all 28 European Union member states.

The Council of Europe promotes human rights through international conventions, such as the Convention on Preventing and Combating Violence against Women and Domestic Violence and the Convention on Cybercrime.


See also

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