Under IAS 37, inflows of resources that are virtually certain to be received should be:
A. disclosed as contingent assets in the notes to the financial statements.
B. recognized as assets.
C. undisclosed until management is absolutely certain that resources will be received.
D. reported only in the cash flow statement.
Answer:B
Under IAS 37, inflows of resources that are virtually certain to be received should be:
A. disclosed as contingent assets in the notes to the financial statements. B. recognized as assets. C. undisclosed until management is absolutely certain that resources will be received. D. reported only in the cash flow statement.