""(##""A contingent liability that is both probable and the amount can be estimated is recorded as:
1) an expense or loss on the income statement, and
2) a liability on the balance sheet. As a result, a contingent liability is also referred to as a loss contingency.
A contingent debt is an unusual kind of debt that is dependent on uncertain future developments. A contigent debt is not a definitive liability as it is based on the outcome of a future event (for example, such as a court verdict).""##)""
This is the end of the argument as far as I am concerned. Especially when you've raised/highlighted the fact that "yours is bigger than mine". Childish comments indeed.
Auditors have different interpretation of things at times but, rest assured that, if it was me doing it, I would make sure that the Audit report was qualified accordingly. Especially when I don't work for anyone else telling/instructing me on what to do...............But that's me.!!!
And good night to you too. After all we are in then morning here.
Thanks to God we have got some rain here last night and I'd better go and check how much we have got. Anything will do.
By the way, how come that the CBA has set aside an amount of $375 million dollars already when they don't know what the amount payable to AUSTRAC is.??
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(20min delay)