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Disclosure of contingent liability
While preparing financial statement of private limited company, whether LC and BG outstanding at year end should be shown in contingent liability. Suppose LC opened on 28th March, 2017 for 90 days, which is paid in time and before preparing financial statement. Should it be shown contingent liability ?
Replies (1)
Only outstanding LC and BG as on reporting date should be disclosed as capital commitment / contingent liabilities.
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