How should contingencies be reported in an interim report?
A) Disclosed the same way as they are disclosed in annual reports.
B) Disclosed in the interim period discovered, and ignored in all future periods.
C) Recorded as gains or losses as incurred.
D) Recorded as gains or losses only if material.
E) Ignored.

Question

Quizplus · Accepted Answer

Contingencies should be disclosed in interim reports in the same way as they are disclosed in annual reports, including any changes or updates to the contingency from the previous reporting period. This ensures consistency and transparency in reporting for investors and other stakeholders.

How Should Contingencies Be Reported in an Interim Report