Economics · Accounting Standards
A Contingent Liability is treated as a possible future obligation that is disclosed in financial reports but not formally recognized as an asset reduction unless a resource outflow is probable. Based on the accounting frameworks that govern the disclosure and formal recognition of such potential obligations and asset valuations, arrange the following Indian Accounting Standards (Ind AS) in ascending numerical order of their standard numbers: A. Provisions, Contingent Liabilities, And Contingent Assets B. Intangible Assets C. Events After The Reporting Period D. Impairment Of Assets Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1C, D, A, B✓
- 2A, D, C, B
- 3D, C, A, B
- 4C, B, D, A
Correct answer
C, D, A, B
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