Question Details

Contingent assets are not reported in the statement 



True / False Questions
1.	A company can exclude a short-term obligation from current liabilities if it intends to refinance the obligation and has an unconditional right to defer settlement of the obligation for at least 12 months following the due date.
	2.	Provisions are only recorded if it is likely that the company will have to settle an obligation at some point in the future.
	3.	An onerous contract is one in which the unavoidable costs of satisfying the obligations outweigh the economic benefits to be received.
	4.	Contingent assets are not reported in the statement of financial position.
5.	IFRS uses the term “contingent” for assets and liabilities not recognized in the financial statement.




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