7. Managing Uncertainties

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

7.1A: Contingent assets and liabilities

The NCA has no quantifiable or unquantifiable contingencies at 30 June 2019 (2018: Nil).

7.1B: Administered - contingent assets and liabilities

The NCA has no quantifiable or unquantifiable contingencies at 30 June 2019 (2018: Nil).

Accounting Policy

Contingent assets and contingent liabilities 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.