Contingent liabilities

[Skies]

Can contingent liabilities be classified as assets under IFRS? The CFAI book says no, but the most recent 09 guidance says ok.
Thanks!

 

[daviskr]

What is this “09 guidance” you are referring to?
IMHO, I would know and go with whatever the CFAI books state. This is what you will be tested on …

 

[zizoubleu]

agree with davis. You could check CFAI website if they have errata out yet.

 

[I_Passed_Level_1]

Skies Wrote:
——————————————————-
> Can contingent liabilities be classified as assets
> under IFRS? The CFAI book says no, but the most
> recent 09 guidance says ok.
>
> Thanks!
if they are ARO’s then yes.

 

[Skies]

Sorry - the title should be contingent considerations, and the question should be whether contingent considerations could be classified as assets under IFRS.

 

[I_Passed_Level_1]

you are the man skies

 

[Skies]

I was rushing to lunch…