Go to top of page

Managing Uncertainties

Managing uncertainties

This section analyses how the AAF Company manages financial risks within its operating environment.

Note 8: Contingent Liabilities and Contingent Assets

Quantifiable Contingencies

The AAF Company had no quantifiable contingencies as at 30 June 2020 (2019: nil).

Unquantifiable Contingencies

The AAF Company had no unquantifiable contingencies as at 30 June 2020 (2019: nil).

Accounting Policy

Contingent liabilities and contingent assets are not recognised in the statement of financial position but are reported in the relevant schedules and notes. They may arise from uncertainty as to the existence of a liability or asset or represent as asset or liability in respect of which the amount cannot be reliably measured. Contingent assets are disclosed when settlement is probable but not virtually certain and contingent liabilities are disclosed when settlement is greater than remote.