Unquantifiable contingent liabilities
Accounting standard NZ IAS 37 Provisions, Contingent Liabilities and Contingent Assets requires that contingent liabilities be disclosed unless the possibility of an outflow of resources embodying economic benefits is remote. Disclosure of remote contingent liabilities is only required if knowledge of the transaction or event is necessary to achieve the objectives of general purpose financial reporting. This part of the statement provides details of those contingent liabilities of the Crown that cannot be quantified (remote contingent liabilities are excluded).
