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As 29

Accountancy

What do u mean by the sentence Possibilty of outflow of resorces embodying economics benefits is REMOTE

Sajan Gangadharan

CA Final

★ 9K+

30-Nov-20 15:18

328

Answers (3)

Chances of happening are very less.

CA Suraj Lakhotia

Admin

30-Nov-20 16:41

As per AS 29, contingent liability should be disclosed in FS (Notes on accounts) if outflow of future economic benefits is not remote, that is to say - not far If outflow of future economic benefit is not likely in the near future do not disclose contingent liability