Contingent Assets. A contingent asset arises where an event has taken place that gives the council a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the council. Contingent assets are not recognised in the Balance Sheet but disclosed in a note to the accounts where it is probable that there will be an inflow of economic benefits or service potential.
Appears in 6 contracts
Samples: Accounting Policies Agreement, Accounting Policies Agreement, Accounting Policies Agreement
Contingent Assets. A contingent asset arises where an event has taken place that gives the council Council a possible asset whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the councilCouncil. Contingent assets are not recognised in the Balance Sheet but disclosed in a note to the accounts where it is probable that there will be an inflow of economic benefits or service potential.
Appears in 4 contracts
Samples: Accounting Policies Agreement, Agreement of Accounting Policies, Accounting Policies Agreement
