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Notes to the financial statements - 6.1 Contingent Assets and Liabilities
There are no contingent liabilities in 2019 (2018: nil). A contingent financial asset resulting from a probable insurance settlement of $209,000 exists at 30 June 2019 (2018: Probable insurance settlement $322,000).
Contingent liabilities and contingent assets are not recognised in the Statement of Financial Position but are reported in the notes. They may arise from uncertainty as to the existence of a liability or asset, or represent an 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.