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Provisions are recognised as a liability in the statement of financial position, whereas contingent liabilities are not recognised in the financial statements but disclosed in the notes to financial statements. Paragraph 12 of AASB 137/IAS 37 Provisions, Contingent Liabilities and Contingent Assets state that 'in a general sense, all provisions are contingent because they are uncertain in timing or amount.'
REQUIRED
Question 1: What are some of the possible reasons that provisions are recognised in the financial statements, but contingent liabilities are not? Provide at least two reasons for provisions and two reasons for contingent liabilities.
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