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  • Contingent Assets

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    Harvy Reyes
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    Contingent assets are not recognized because it could result in recognizing income that may never be realized, but are disclosed when it is probable. If a contingent asset is only possible or remote, no disclosure is required.

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    Contingent assets are not recognized because it could result in recognizing income that may never be realized, but are disclosed when it is probable. If a contingent asset is only possible or remote, no disclosure is required.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    Download as docx, pdf, or txt
    9 views1 page

    Contingent Assets

    Uploaded by

    Harvy Reyes
    Contingent assets are not recognized because it could result in recognizing income that may never be realized, but are disclosed when it is probable. If a contingent asset is only possible or remote, no disclosure is required.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 1

    Contingent Assets

     Contingent asset shall not be recognized because this may result to recognition of income that
    may never be realized.

     Contingent asset is only disclosed when it is probable.

     If a contingent asset is only possible or remote, no disclosure is required.

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