ACCOUNTING PAPER

Accounting Paper



Accounting Paper

Statement No. 5

For the reason of this Statement, a contingency is characterised as an living status, position, or set of attenuating components engaging doubt as to likely gain (hereinafter a "gain contingency") or decrease 1 (hereinafter a "loss contingency") to an enterprise that will finally be settled when one or more future happenings happen or go incorrect to occur. Resolution of the doubt may affirm the acquisition of an asset or the decrease of a liability or the decrease or impairment of an asset or the incurrence of a liability. 2. Not all uncertainties inherent in ...