Under ASPE, the following should NOT be disclosed in notes to the financial statements.
A) If the contingency is unlikely and the chance of occurrence is small.
B) If the contingency is likely but the amount of the loss cannot be reasonably estimated.
C) If the existence of the contingent liability is not determinable.
D) If the contingency is unlikely but it could have a substantial negative effect on the company's financial position.

Question

Quizplus · Accepted Answer

Under ASPE, contingencies that are unlikely and have a small chance of occurrence do not require disclosure in the notes to the financial statements.

Under ASPE, the Following Should NOT Be Disclosed in Notes