Economics · Accounting Standards & IAS 37

According to IAS 37 (Provisions, Contingent Liabilities and Contingent Assets), consider the following statements: 1. A contingent asset should be disclosed in a note if an inflow of economic benefits is probable. 2. A contingent liability should be disclosed in a note regardless of the probability of transferring economic benefits. 3. No disclosure is required for a contingent liability if it is less than probable that a transfer of economic benefits to settle it will be required. 4. If circumstances relating to a contingent asset change and an inflow of economic benefits becomes virtually certain, an asset should be recognised. Which pair of statements is true?