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As 29

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


Sajan Gangadharan

Sajan Gangadharan

CA Inter

2K+

30-Nov-20 15:18

11

Answers (3)

Chances of happening are very less.


Suraj Lakhotia

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


Kumarjit Dey

Kumarjit Dey

CA Inter

4K+

30-Nov-20 18:03

Thank you all


Sajan Gangadharan

Sajan Gangadharan

CA Inter

2K+

30-Nov-20 20:26