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asset

Pradeep Kumar Reddy (Accounts Excutive) (68 Points)

26 February 2018

contingent asset is asset or not?

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Miss Mansi Bhojani (Practicing Chartered Accountant) (1693 Points)
Replied 26 February 2018

A contingent asset is a possible asset that may arise because of a gain that is contingent on future events that are not under an entity's control. According to the accounting standards, a business does not recognize a contingent asset even if the associated contingent gain is probable.

Miss Mansi Bhojani (Practicing Chartered Accountant) (1693 Points)
Replied 26 February 2018

A contingent asset is a possible asset that may arise because of a gain that is contingent on future events that are not under an entity's control. According to the accounting standards, a business does not recognize a contingent asset even if the associated contingent gain is probable.

akshay (article) (105 Points)
Replied 26 February 2018

its not recognized as asset nor it is disclosed in financial statements but it is disclosed in director reports

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