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A company involved in a legal case with the sheer expectation to receive the compensation which has a contingent asset as the outcome of the case is not yet known and the amount is yet to be determined.
Contingent asset disclosure example. 35200000 80 44000000. However footnote disclosure may be made. There is a possibility of ABC Ltd winning the case as it has concrete evidences of contract violation by XYZ Ltd.
A Roads and Highway Developer Cost Overrun Litigation Against Roads and Highway Authority. Tables Provisions Contingent Liabilities Contingent Assets and Reimbursements Page 29 B. A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity IAS 3710.
Examples of Contingent Assets A company involved in a lawsuit with the expectation to receive compensation has a contingent asset because the outcome of the. For infringing a patent case. Sample Disclosure Note On Contingent Asset 29 October 2009 Contingent Asset The Company has made a claim of RM15000000 2008.
In the case of product warranty liability it is recorded at the time the product is sold. Example 2 Contingent proceeds in the form of rights to a non-financial asset for example an intangible asset or an item of property plant and equipment are a contingent asset within the scope of IAS 37. Example of a Contingent Asset.
Recognition Page 33 D. RM15000000 against the State Government in respect of an award by the Government for land expropriated from the Company in Year 1999. Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.
As of December 31 year X1 the Company has a contingent asset as a consequence of a legal process against the district of city X due to the damages caused to the entity due to the issuance of articles 7 2 and 9. Although these estimates are based on managements best knowledge of current events and actions actual results may ultimately differ from those estimates. The customers can make claims under warranty.
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