Question：Which of the following statements about provisions and contingencies is/are correct?
A. Contingent liabilities must be treated as actual liabilities and provided for if it is probable that they will arise.
B. A company should disclose details of the change in carrying value of a provision from the beginning to the end of the year.
C. Contingent assets must be recognised in the financial statements in accordance with the prudence concept.
The correct answers are:
A company should disclose details of the change in carrying value of a provision from the beginning to the end of the year.
Contingent liabilities must be treated as actual liabilities and provided for if it is probable that they will arise.
解析：Contingent assets should not be recognised in the financial statements. However, they should be disclosed if it is probable that the economic benefits associated with the asset will flow to the entity. If it becomes probable that the a transfer of economic benefits associated with a contingent liability will happen, then the contingent liability is no longer contingent and a liability should be recognised in the financial statements.
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