MyCIMA

contigency liability note

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how would like to know how to write contigency liability note on the financial statements representation.

Example

An example from my UK GAAP guide:

At 31st Dec 2008 the group was in dispute with one of its food suppliers over surcharges invoiced above the original contracted price for specialist ingredients. The directors are strongly resisting the payment of the sucharges and it is unlikely that the outcome of this dispute will have a material effect on the group's financial position.

 

Hope this helps