Which of the following statements about the requirements of IAS 37 Provisions, contingent liabilities and contingent assets are correct?
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A contingent asset should be disclosed by note if an inflow of economic benefits is probable.
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No disclosure of a contingent liability is required if the possibility of a transfer of economic benefits arising is remote.
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Contingent assets must not be recognised in financial statements unless an inflow of economic benefits is virtually certain to arise.
A. 1 and 2 only
B. All three statements are correct
C. 2 and 3 only
D. 1 and 3 only
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