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Q » How does a contractor account for potential claims in their financial reporting?
17 Oct, 2025
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A » Contractors should account for potential claims by recognizing them as contingent liabilities in their financial statements if the probability of loss is high and the amount can be reasonably estimated. If not, they should disclose the nature of the claims in their notes to the financial statements, ensuring transparency and compliance with accounting standards, such as IFRS or GAAP, depending on the jurisdiction.
17 Oct, 2025
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