Contingent assets may be recorded under ASPE but not under IFRS.

Name: Contingent assets may be recorded under ASPE but not under IFRS.
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Question

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Under both ASPE (Accounting Standards for Private Enterprises) and IFRS (International Financial Reporting Standards), contingent assets are not recognized in financial statements. They are disclosed in the notes to the financial statements when it is probable that an inflow of economic benefits will arise.

Contingent Assets May Be Recorded Under ASPE but Not Under