Under IAS 37, how are contingent liabilities treated in the financial statements?
A. IAS 37 does not address contingent liabilities.
B. They are recorded as current liabilities if the amount is reasonably measured.
C. They are disclosed in the notes to the financial statements when there is more than a remote possibility of an outflow of resources.
D. They are not disclosed.
Answer:C
Under IAS 37, how are contingent liabilities treated in the financial statements?
A. IAS 37 does not address contingent liabilities. B. They are recorded as current liabilities if the amount is reasonably measured. C. They are disclosed in the notes to the financial statements when there is more than a remote possibility of an outflow of resources. D. They are not disclosed.