What reporting does ifrs require regarding contingent gain

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Problem 1: A company has a probable contingent gain that can be reasonably estimated. What reporting does International Financial Reporting Standards require regarding this contingent gain?

Option 1: It should be ignored until the actual gain materializes.

Option 2: It should either be recorded on the financial statements or reported in the notes to the financial statements.

Option 3: It should be accrued and reported in the financial statements.

Option 4: It should be reported in the notes to the financial statements.

Option 5: None of the above.

Reference no: EM132617633

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