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Accounting: Contingent liabilities

20 April 2015

Accounting: Contingent liabilities

The importance of contingencies in annual reports

The importance of the notes to a company’s financial statements are often overlooked. These notes may contain more valuable information than the income statement or position statement.

These notes support the numbers in the financial statements and are frequently regarded as mere appendices that are only published because of regulatory or legal requirements. Many believe that if this information was important, it would be included in the year-end accounting statements, but this is often not...

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