One of the clauses that are added to the contract is liquidated damages. The company needs to come up with an amount that reflects an approximate value of damage if done. The ‘not-to-prejudice‘ exemption in IAS 37.92 also extends to contingent assets. Additionally, see the forum’s Accounting for In-Kind Donations to Nonprofits discussion regarding a …

Contingent Liability: Meaning, Accounting Treatment and Examples Leer más »