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Note 5.1: Contingent Assets and Liabilities

Quantifiable Contingencies

The Library has no significant quantifiable contingencies.

Unquantifiable Contingencies

The Library has no significant unquantifiable contingencies.

Accounting Policy

Contingent assets and liabilities

Contingent assets and 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.