Managing Uncertainties
This section analyses how the Fund manages financial risks within its operating environment.
4. Contingent Assets and Contingent Liabilities
The Fund has no contingencies in either the current or the immediately preceding reporting periods therefore a Schedule for such items has not been included in the financial statements.
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. |
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https://www.transparency.gov.au/annual-reports/royal-australian-navy-relief-trust-fund/reporting-year/2019-20-30