https://www.taxtmi.com/acts?id=14677 A contingency is a condition at the balance sheet date dependent on uncertain future events; a contingent loss is recognised as a provision when it is probable that a liability existed or an asset was impaired at the balance sheet date and a reasonable estimate can be made. Events after the balance sheet date that provide additional evidence about conditions existing at the balance sheet date require adjustments to assets and liabilities; other post-balance-sheet events may require disclosure. Disclosure must describe the nature, uncertainties and an estimate of financial effect or state that an estimate cannot be made. en-us Sat, 04 Jun 2011 11:06:11 +0530 Mon, 18 Apr 2016 22:49:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=14677 A contingency is a condition at the balance sheet date dependent on uncertain future events; a contingent loss is recognised as a provision when it is probable that a liability existed or an asset was impaired at the balance sheet date and a reasonable estimate can be made. Events after the balance sheet date that provide additional evidence about conditions existing at the balance sheet date require adjustments to assets and liabilities; other post-balance-sheet events may require disclosure. Disclosure must describe the nature, uncertainties and an estimate of financial effect or state that an estimate cannot be made. Act-Rules Companies Law Sat, 04 Jun 2011 11:06:11 +0530 https://www.taxtmi.com/acts?id=14677