Page 208 - F2 Integrated Workbook STUDENT 2019
P. 208
Chapter 8
2.3 Recognition of uncertain assets
Uncertain assets occur when the possibility exists of a future inflow of economic
benefit e.g. insurance claims.
Per IAS 37 Provisions, contingent liabilities and contingent assets, an uncertain asset
should only be recognised if it is VIRTUALLY CERTAIN to be received.
Uncertain liabilities are recognised earlier than uncertain assets.
IAS 37 leads to the accounts being prepared prudently.
200
