Go to top of page
Note 27. Contingent Liabilities
Hearing Australia had no contingent liabilities or assets as at 30 June 2019 and 30 June 2018.
Accounting policy for contingent liabilities and contingent assets
Contingent liabilities and assets are not recognised in the statement of financial position but disclosed in these financial statements. They may arise from uncertainty as to the existence of a liability or asset, or represent a liability or asset 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 recognised when settlement is greater than remote.