SlideShare a Scribd company logo
Do you think contingent gains should be disclosed in the financial statements? Defend your
position.
Solution
Contingent gain or loss is a concept where the firm will suffer loss or will make gain only on
hapening of certain contingency or event in future. Suppose a company has claimed some money
for extra work. Disput arises regarding the inclution of those work in the contract escalation
clause. The dispute has been referred to court. The company will gain, if the judgement of court
goes in their favor. It is a contingent gain which will materialize only when judgement is
favorable.
It is not justified to include them in the financial statement as the gain has not been made. Also it
is not certain whether such gain will at all be achieved or not. From convertesim point of view
any income or gain which is not sure to be earned should not be included.
However it is the responsibility of company to disclose all facts in its report.So that it can project
true and fair view of state of affairs of the concern. Hence there should be disclosure in the
financial statement in detail about the contingent happenings.

More Related Content

Similar to Do you think contingent gains should be disclosed in the financial sta.docx

IAS 12
IAS 12IAS 12
IAS 12RS P
 
Your business providing for your future
Your business providing for your futureYour business providing for your future
Your business providing for your futureCatherine McGovern
 
What is the difference between Revenue Account and Capital Account?
What is the difference between Revenue Account and Capital Account?What is the difference between Revenue Account and Capital Account?
What is the difference between Revenue Account and Capital Account?
Braj Aggarwal, CPA, PC
 
How does unearned revenue arise Can it be classified properly as a .pdf
How does unearned revenue arise Can it be classified properly as a .pdfHow does unearned revenue arise Can it be classified properly as a .pdf
How does unearned revenue arise Can it be classified properly as a .pdf
AMITJWELLER123
 
Operating leverage,financial leverage,Total leverage
Operating leverage,financial leverage,Total leverageOperating leverage,financial leverage,Total leverage
Operating leverage,financial leverage,Total leverage
Islam Sylvia
 
income-Protector benefits-self-employed individuals
income-Protector benefits-self-employed individualsincome-Protector benefits-self-employed individuals
income-Protector benefits-self-employed individualsSonette Willett
 
Accounting Concepts and Principles-Module 3.docx
Accounting Concepts and Principles-Module 3.docxAccounting Concepts and Principles-Module 3.docx
Accounting Concepts and Principles-Module 3.docx
hidilyndiaz
 
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
Test Bank And Solution Manual Marketplace
 
Company loans- 9 things you need to know
Company loans- 9 things you need to knowCompany loans- 9 things you need to know
Company loans- 9 things you need to know
Disney Rowlatt-Harrod
 
Basic accounting principles & concept
Basic accounting principles & conceptBasic accounting principles & concept
Basic accounting principles & conceptkarlbrian
 
Deferred Revenue Journal Entry.pdf
Deferred Revenue Journal Entry.pdfDeferred Revenue Journal Entry.pdf
Deferred Revenue Journal Entry.pdf
Accounting and Bookkeeping Services
 
What if
What ifWhat if
Private & emerging business attorney & lawyer
Private & emerging business attorney & lawyerPrivate & emerging business attorney & lawyer
Private & emerging business attorney & lawyer
isaacdowdle
 
How to talk to your cfo with confidence eguide
How to talk to your cfo with confidence eguideHow to talk to your cfo with confidence eguide
How to talk to your cfo with confidence eguidearkslideshareacc
 
5 real life lessons about income tax return.doc-converted
5 real life lessons about income tax return.doc-converted5 real life lessons about income tax return.doc-converted
5 real life lessons about income tax return.doc-converted
PAYSQUARE CONSULTANCY LIMITED
 
MBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdf
MBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdfMBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdf
MBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdf
Shyam Mishra
 
Understanding IND AS 12 – Accounting for Income Taxes.pptx
Understanding IND AS 12 – Accounting for Income Taxes.pptxUnderstanding IND AS 12 – Accounting for Income Taxes.pptx
Understanding IND AS 12 – Accounting for Income Taxes.pptx
taxguruedu
 
Financial statement ii
Financial statement iiFinancial statement ii
Financial statement ii
Sachin Bhurase
 
IAS 37
IAS 37IAS 37
IAS 37
Adnan Ahmad
 
Financial Account group assignment on Financial statement of Golden Agriculture
Financial Account group assignment on Financial statement of Golden AgricultureFinancial Account group assignment on Financial statement of Golden Agriculture
Financial Account group assignment on Financial statement of Golden Agriculture
amykua
 

Similar to Do you think contingent gains should be disclosed in the financial sta.docx (20)

IAS 12
IAS 12IAS 12
IAS 12
 
Your business providing for your future
Your business providing for your futureYour business providing for your future
Your business providing for your future
 
What is the difference between Revenue Account and Capital Account?
What is the difference between Revenue Account and Capital Account?What is the difference between Revenue Account and Capital Account?
What is the difference between Revenue Account and Capital Account?
 
How does unearned revenue arise Can it be classified properly as a .pdf
How does unearned revenue arise Can it be classified properly as a .pdfHow does unearned revenue arise Can it be classified properly as a .pdf
How does unearned revenue arise Can it be classified properly as a .pdf
 
Operating leverage,financial leverage,Total leverage
Operating leverage,financial leverage,Total leverageOperating leverage,financial leverage,Total leverage
Operating leverage,financial leverage,Total leverage
 
income-Protector benefits-self-employed individuals
income-Protector benefits-self-employed individualsincome-Protector benefits-self-employed individuals
income-Protector benefits-self-employed individuals
 
Accounting Concepts and Principles-Module 3.docx
Accounting Concepts and Principles-Module 3.docxAccounting Concepts and Principles-Module 3.docx
Accounting Concepts and Principles-Module 3.docx
 
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
Solution Manual for South-Western Federal Taxation 2024 Corporations, Partner...
 
Company loans- 9 things you need to know
Company loans- 9 things you need to knowCompany loans- 9 things you need to know
Company loans- 9 things you need to know
 
Basic accounting principles & concept
Basic accounting principles & conceptBasic accounting principles & concept
Basic accounting principles & concept
 
Deferred Revenue Journal Entry.pdf
Deferred Revenue Journal Entry.pdfDeferred Revenue Journal Entry.pdf
Deferred Revenue Journal Entry.pdf
 
What if
What ifWhat if
What if
 
Private & emerging business attorney & lawyer
Private & emerging business attorney & lawyerPrivate & emerging business attorney & lawyer
Private & emerging business attorney & lawyer
 
How to talk to your cfo with confidence eguide
How to talk to your cfo with confidence eguideHow to talk to your cfo with confidence eguide
How to talk to your cfo with confidence eguide
 
5 real life lessons about income tax return.doc-converted
5 real life lessons about income tax return.doc-converted5 real life lessons about income tax return.doc-converted
5 real life lessons about income tax return.doc-converted
 
MBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdf
MBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdfMBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdf
MBA+ASAP+Financial+Statement+Glossary+of+Terms (1).pdf
 
Understanding IND AS 12 – Accounting for Income Taxes.pptx
Understanding IND AS 12 – Accounting for Income Taxes.pptxUnderstanding IND AS 12 – Accounting for Income Taxes.pptx
Understanding IND AS 12 – Accounting for Income Taxes.pptx
 
Financial statement ii
Financial statement iiFinancial statement ii
Financial statement ii
 
IAS 37
IAS 37IAS 37
IAS 37
 
Financial Account group assignment on Financial statement of Golden Agriculture
Financial Account group assignment on Financial statement of Golden AgricultureFinancial Account group assignment on Financial statement of Golden Agriculture
Financial Account group assignment on Financial statement of Golden Agriculture
 

More from wviola

Alice intends to send a secure message to Bob- (1) What are the threat.docx
Alice intends to send a secure message to Bob- (1) What are the threat.docxAlice intends to send a secure message to Bob- (1) What are the threat.docx
Alice intends to send a secure message to Bob- (1) What are the threat.docx
wviola
 
Add a function prototype for the function sumNum- # include using nam.docx
Add a function prototype for the function sumNum- # include  using nam.docxAdd a function prototype for the function sumNum- # include  using nam.docx
Add a function prototype for the function sumNum- # include using nam.docx
wviola
 
Add a new check on the emp table to make sure that any new employee in.docx
Add a new check on the emp table to make sure that any new employee in.docxAdd a new check on the emp table to make sure that any new employee in.docx
Add a new check on the emp table to make sure that any new employee in.docx
wviola
 
Adding elements to an Array- Given the following simple List class tha.docx
Adding elements to an Array- Given the following simple List class tha.docxAdding elements to an Array- Given the following simple List class tha.docx
Adding elements to an Array- Given the following simple List class tha.docx
wviola
 
Ad by DealsFactor - Close Menlo Company Contribution Income.docx
Ad by DealsFactor - Close           Menlo Company Contribution Income.docxAd by DealsFactor - Close           Menlo Company Contribution Income.docx
Ad by DealsFactor - Close Menlo Company Contribution Income.docx
wviola
 
Action Center activation Administrative Tools Aero applets Computer Co (2).docx
Action Center activation Administrative Tools Aero applets Computer Co (2).docxAction Center activation Administrative Tools Aero applets Computer Co (2).docx
Action Center activation Administrative Tools Aero applets Computer Co (2).docx
wviola
 
Acids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docx
Acids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docxAcids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docx
Acids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docx
wviola
 
Action Center activation Administrative Tools Aero applets Computer Co.docx
Action Center activation Administrative Tools Aero applets Computer Co.docxAction Center activation Administrative Tools Aero applets Computer Co.docx
Action Center activation Administrative Tools Aero applets Computer Co.docx
wviola
 
Action Center activation Administrative Tools Aero applets Computer Co (1).docx
Action Center activation Administrative Tools Aero applets Computer Co (1).docxAction Center activation Administrative Tools Aero applets Computer Co (1).docx
Action Center activation Administrative Tools Aero applets Computer Co (1).docx
wviola
 
Acid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docx
Acid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docxAcid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docx
Acid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docx
wviola
 
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docxAC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx
wviola
 
Accounting Which of the following is true of a corporation- OA- The st.docx
Accounting Which of the following is true of a corporation- OA- The st.docxAccounting Which of the following is true of a corporation- OA- The st.docx
Accounting Which of the following is true of a corporation- OA- The st.docx
wviola
 
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docxAC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docx
wviola
 
advantages and disadvantages of using centralized network management v.docx
advantages and disadvantages of using centralized network management v.docxadvantages and disadvantages of using centralized network management v.docx
advantages and disadvantages of using centralized network management v.docx
wviola
 
Advantages & Disadvantages of Server Applications in 150+ wordsSolutio.docx
Advantages & Disadvantages of Server Applications in 150+ wordsSolutio.docxAdvantages & Disadvantages of Server Applications in 150+ wordsSolutio.docx
Advantages & Disadvantages of Server Applications in 150+ wordsSolutio.docx
wviola
 
Does any one have a paper on human resource practices in countries bes.docx
Does any one have a paper on human resource practices in countries bes.docxDoes any one have a paper on human resource practices in countries bes.docx
Does any one have a paper on human resource practices in countries bes.docx
wviola
 
Do you think Facebook should operate in China even if it means complyi.docx
Do you think Facebook should operate in China even if it means complyi.docxDo you think Facebook should operate in China even if it means complyi.docx
Do you think Facebook should operate in China even if it means complyi.docx
wviola
 
Do you think contingent gains should be disclosed in the financial sta (1).docx
Do you think contingent gains should be disclosed in the financial sta (1).docxDo you think contingent gains should be disclosed in the financial sta (1).docx
Do you think contingent gains should be disclosed in the financial sta (1).docx
wviola
 
Do you believe the double taxation of earnings which occurs at the cor.docx
Do you believe the double taxation of earnings which occurs at the cor.docxDo you believe the double taxation of earnings which occurs at the cor.docx
Do you believe the double taxation of earnings which occurs at the cor.docx
wviola
 
Do you believe that the Patriot Act was an appropriate risk response t.docx
Do you believe that the Patriot Act was an appropriate risk response t.docxDo you believe that the Patriot Act was an appropriate risk response t.docx
Do you believe that the Patriot Act was an appropriate risk response t.docx
wviola
 

More from wviola (20)

Alice intends to send a secure message to Bob- (1) What are the threat.docx
Alice intends to send a secure message to Bob- (1) What are the threat.docxAlice intends to send a secure message to Bob- (1) What are the threat.docx
Alice intends to send a secure message to Bob- (1) What are the threat.docx
 
Add a function prototype for the function sumNum- # include using nam.docx
Add a function prototype for the function sumNum- # include  using nam.docxAdd a function prototype for the function sumNum- # include  using nam.docx
Add a function prototype for the function sumNum- # include using nam.docx
 
Add a new check on the emp table to make sure that any new employee in.docx
Add a new check on the emp table to make sure that any new employee in.docxAdd a new check on the emp table to make sure that any new employee in.docx
Add a new check on the emp table to make sure that any new employee in.docx
 
Adding elements to an Array- Given the following simple List class tha.docx
Adding elements to an Array- Given the following simple List class tha.docxAdding elements to an Array- Given the following simple List class tha.docx
Adding elements to an Array- Given the following simple List class tha.docx
 
Ad by DealsFactor - Close Menlo Company Contribution Income.docx
Ad by DealsFactor - Close           Menlo Company Contribution Income.docxAd by DealsFactor - Close           Menlo Company Contribution Income.docx
Ad by DealsFactor - Close Menlo Company Contribution Income.docx
 
Action Center activation Administrative Tools Aero applets Computer Co (2).docx
Action Center activation Administrative Tools Aero applets Computer Co (2).docxAction Center activation Administrative Tools Aero applets Computer Co (2).docx
Action Center activation Administrative Tools Aero applets Computer Co (2).docx
 
Acids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docx
Acids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docxAcids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docx
Acids Bases Taste Taste pH greater than pH less tharn Acids effect ind.docx
 
Action Center activation Administrative Tools Aero applets Computer Co.docx
Action Center activation Administrative Tools Aero applets Computer Co.docxAction Center activation Administrative Tools Aero applets Computer Co.docx
Action Center activation Administrative Tools Aero applets Computer Co.docx
 
Action Center activation Administrative Tools Aero applets Computer Co (1).docx
Action Center activation Administrative Tools Aero applets Computer Co (1).docxAction Center activation Administrative Tools Aero applets Computer Co (1).docx
Action Center activation Administrative Tools Aero applets Computer Co (1).docx
 
Acid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docx
Acid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docxAcid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docx
Acid lonization Constants (K-) for Some Monoprotic Weak Acids at 25 ec.docx
 
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docxAC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 6Solut.docx
 
Accounting Which of the following is true of a corporation- OA- The st.docx
Accounting Which of the following is true of a corporation- OA- The st.docxAccounting Which of the following is true of a corporation- OA- The st.docx
Accounting Which of the following is true of a corporation- OA- The st.docx
 
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docxAC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docx
AC 556 Accounting for Governmental & Nonprofit Entities Chapter 7Solut.docx
 
advantages and disadvantages of using centralized network management v.docx
advantages and disadvantages of using centralized network management v.docxadvantages and disadvantages of using centralized network management v.docx
advantages and disadvantages of using centralized network management v.docx
 
Advantages & Disadvantages of Server Applications in 150+ wordsSolutio.docx
Advantages & Disadvantages of Server Applications in 150+ wordsSolutio.docxAdvantages & Disadvantages of Server Applications in 150+ wordsSolutio.docx
Advantages & Disadvantages of Server Applications in 150+ wordsSolutio.docx
 
Does any one have a paper on human resource practices in countries bes.docx
Does any one have a paper on human resource practices in countries bes.docxDoes any one have a paper on human resource practices in countries bes.docx
Does any one have a paper on human resource practices in countries bes.docx
 
Do you think Facebook should operate in China even if it means complyi.docx
Do you think Facebook should operate in China even if it means complyi.docxDo you think Facebook should operate in China even if it means complyi.docx
Do you think Facebook should operate in China even if it means complyi.docx
 
Do you think contingent gains should be disclosed in the financial sta (1).docx
Do you think contingent gains should be disclosed in the financial sta (1).docxDo you think contingent gains should be disclosed in the financial sta (1).docx
Do you think contingent gains should be disclosed in the financial sta (1).docx
 
Do you believe the double taxation of earnings which occurs at the cor.docx
Do you believe the double taxation of earnings which occurs at the cor.docxDo you believe the double taxation of earnings which occurs at the cor.docx
Do you believe the double taxation of earnings which occurs at the cor.docx
 
Do you believe that the Patriot Act was an appropriate risk response t.docx
Do you believe that the Patriot Act was an appropriate risk response t.docxDo you believe that the Patriot Act was an appropriate risk response t.docx
Do you believe that the Patriot Act was an appropriate risk response t.docx
 

Recently uploaded

"Protectable subject matters, Protection in biotechnology, Protection of othe...
"Protectable subject matters, Protection in biotechnology, Protection of othe..."Protectable subject matters, Protection in biotechnology, Protection of othe...
"Protectable subject matters, Protection in biotechnology, Protection of othe...
SACHIN R KONDAGURI
 
Honest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptxHonest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptx
timhan337
 
Group Presentation 2 Economics.Ariana Buscigliopptx
Group Presentation 2 Economics.Ariana BuscigliopptxGroup Presentation 2 Economics.Ariana Buscigliopptx
Group Presentation 2 Economics.Ariana Buscigliopptx
ArianaBusciglio
 
Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.
Ashokrao Mane college of Pharmacy Peth-Vadgaon
 
Supporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptxSupporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptx
Jisc
 
How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...
Jisc
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
Vikramjit Singh
 
Acetabularia Information For Class 9 .docx
Acetabularia Information For Class 9  .docxAcetabularia Information For Class 9  .docx
Acetabularia Information For Class 9 .docx
vaibhavrinwa19
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
EduSkills OECD
 
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Levi Shapiro
 
How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17
Celine George
 
Chapter -12, Antibiotics (One Page Notes).pdf
Chapter -12, Antibiotics (One Page Notes).pdfChapter -12, Antibiotics (One Page Notes).pdf
Chapter -12, Antibiotics (One Page Notes).pdf
Kartik Tiwari
 
TESDA TM1 REVIEWER FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
TESDA TM1 REVIEWER  FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...TESDA TM1 REVIEWER  FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
TESDA TM1 REVIEWER FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
EugeneSaldivar
 
Model Attribute Check Company Auto Property
Model Attribute  Check Company Auto PropertyModel Attribute  Check Company Auto Property
Model Attribute Check Company Auto Property
Celine George
 
The French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free downloadThe French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free download
Vivekanand Anglo Vedic Academy
 
1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx
JosvitaDsouza2
 
special B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdfspecial B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdf
Special education needs
 
The approach at University of Liverpool.pptx
The approach at University of Liverpool.pptxThe approach at University of Liverpool.pptx
The approach at University of Liverpool.pptx
Jisc
 
Lapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdfLapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdf
Jean Carlos Nunes Paixão
 
The Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptxThe Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptx
DhatriParmar
 

Recently uploaded (20)

"Protectable subject matters, Protection in biotechnology, Protection of othe...
"Protectable subject matters, Protection in biotechnology, Protection of othe..."Protectable subject matters, Protection in biotechnology, Protection of othe...
"Protectable subject matters, Protection in biotechnology, Protection of othe...
 
Honest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptxHonest Reviews of Tim Han LMA Course Program.pptx
Honest Reviews of Tim Han LMA Course Program.pptx
 
Group Presentation 2 Economics.Ariana Buscigliopptx
Group Presentation 2 Economics.Ariana BuscigliopptxGroup Presentation 2 Economics.Ariana Buscigliopptx
Group Presentation 2 Economics.Ariana Buscigliopptx
 
Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.Biological Screening of Herbal Drugs in detailed.
Biological Screening of Herbal Drugs in detailed.
 
Supporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptxSupporting (UKRI) OA monographs at Salford.pptx
Supporting (UKRI) OA monographs at Salford.pptx
 
How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...How libraries can support authors with open access requirements for UKRI fund...
How libraries can support authors with open access requirements for UKRI fund...
 
Digital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and ResearchDigital Tools and AI for Teaching Learning and Research
Digital Tools and AI for Teaching Learning and Research
 
Acetabularia Information For Class 9 .docx
Acetabularia Information For Class 9  .docxAcetabularia Information For Class 9  .docx
Acetabularia Information For Class 9 .docx
 
Francesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptxFrancesca Gottschalk - How can education support child empowerment.pptx
Francesca Gottschalk - How can education support child empowerment.pptx
 
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
 
How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17How to Make a Field invisible in Odoo 17
How to Make a Field invisible in Odoo 17
 
Chapter -12, Antibiotics (One Page Notes).pdf
Chapter -12, Antibiotics (One Page Notes).pdfChapter -12, Antibiotics (One Page Notes).pdf
Chapter -12, Antibiotics (One Page Notes).pdf
 
TESDA TM1 REVIEWER FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
TESDA TM1 REVIEWER  FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...TESDA TM1 REVIEWER  FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
TESDA TM1 REVIEWER FOR NATIONAL ASSESSMENT WRITTEN AND ORAL QUESTIONS WITH A...
 
Model Attribute Check Company Auto Property
Model Attribute  Check Company Auto PropertyModel Attribute  Check Company Auto Property
Model Attribute Check Company Auto Property
 
The French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free downloadThe French Revolution Class 9 Study Material pdf free download
The French Revolution Class 9 Study Material pdf free download
 
1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx1.4 modern child centered education - mahatma gandhi-2.pptx
1.4 modern child centered education - mahatma gandhi-2.pptx
 
special B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdfspecial B.ed 2nd year old paper_20240531.pdf
special B.ed 2nd year old paper_20240531.pdf
 
The approach at University of Liverpool.pptx
The approach at University of Liverpool.pptxThe approach at University of Liverpool.pptx
The approach at University of Liverpool.pptx
 
Lapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdfLapbook sobre os Regimes Totalitários.pdf
Lapbook sobre os Regimes Totalitários.pdf
 
The Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptxThe Accursed House by Émile Gaboriau.pptx
The Accursed House by Émile Gaboriau.pptx
 

Do you think contingent gains should be disclosed in the financial sta.docx

  • 1. Do you think contingent gains should be disclosed in the financial statements? Defend your position. Solution Contingent gain or loss is a concept where the firm will suffer loss or will make gain only on hapening of certain contingency or event in future. Suppose a company has claimed some money for extra work. Disput arises regarding the inclution of those work in the contract escalation clause. The dispute has been referred to court. The company will gain, if the judgement of court goes in their favor. It is a contingent gain which will materialize only when judgement is favorable. It is not justified to include them in the financial statement as the gain has not been made. Also it is not certain whether such gain will at all be achieved or not. From convertesim point of view any income or gain which is not sure to be earned should not be included. However it is the responsibility of company to disclose all facts in its report.So that it can project true and fair view of state of affairs of the concern. Hence there should be disclosure in the financial statement in detail about the contingent happenings.