29 January 2015
Hi guys
I have a small doubt..
we show contingent assets in directors report and contingent liabilities in notes to accounts.
But whats d reason as we all know both are not shown in books and in one case we will receive amount and in other we have to pay for our past action.
29 January 2015
because liabilities is an outflow to an organisation and if it is contingent then may be it can result in liability in future which will materially affect the financial statements and various ratios calculated shall have impact.
CAclubindia
