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Note 7.3. Contingent Assets and Liabilities

7.3A: Departmental - Contingent Assets and Liabilities

There are no contingent assets or liabilities in the current year or prior year.

Quantifiable Contingencies

There were no estimated contingent liabilities as at 30 June 2020. (2019:Nil)

Unquantifiable Contingencies

There were no unquantifiable contingent liabilities 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 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.

7.3B: Administered - Contingent Assets and Liabilities

There are no contingent assets or liabilities in the current year or prior year.

Quantifiable Administered Contingencies

There were no estimated contingent liabilities as at 30 June 2020. (2019:Nil)

Unquantifiable Administered Contingencies

There were no unquantifiable contingent liabilities as at 30 June 2020. (2019:Nil)