Please enable JavaScript.
Coggle requires JavaScript to display documents.
COMPLETING THE AUDIT - Coggle Diagram
COMPLETING THE AUDIT
-
-
Contingent liability
FRS 137 state that contingent liability not recognized as a liability due to its existence will be confirmed only by the occurrence or non-occurrence of future uncertain events
possible liabilities that arise from the past events and the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity
-
potential future obligation to an outside party for an unknown amount arising from activities that have already taken place
Review for Commitments
often enter into long-term conctractual commitments to acquire capital assets, to purchase raw materials or to sell products at fixed price
-
commitment is an agreements to commit the entity to a set of fixed confitions in the future, regardless of what happens to profits or the economy as a whole
-
-
-
-