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Disclosure of contingent liabilities and commitments in Ind AS Financial Statements

February 28, 2022[2022] 135 taxmann.com 333 (Article)
Contingent Liabilities are not recognized in the books of accounts. However, Ind AS-37 Provisions, Contingent Liabilities and Contingent Assets, requires the disclosure of contingent liability in the Financial Statements, if the possibility of an outflow of resources embodying economic benefits is not remote. Also, Ind AS Schedule III requires the disclosure pertaining to various commitments such as Capital commitments, other commitments, and uncalled liability on shares.
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