Appendix C: Statement of Risks (continued)

Contingent assets — quantifiable

Defence

Claims against the Department of Defence

The Department of Defence has 12 instances of non‑remote, quantifiable contingent assets in respect of claims on the Department valued at $3.8 million. Defence is expecting to succeed in its claims. The estimated figure is determined by conducting an objective analysis of the probable amounts owing to Defence.

Foreign Affairs and Trade

Export Finance and Insurance Corporation

As at 31 October 2014, the Government's total contingent asset was $1.9 billion comprising the associated contingent assets due to changes in the Cross Currency liabilities and Foreign Exchange liabilities.

This contingent asset is being reported for the first time following the introduction of the AASB 2012‑3 Amendments to the Australian Accounting Standards — Offsetting Financial Assets and Financial Liabilities. A matching increase to EFIC's contingent liability of $1.9 billion is also being reported for the first time.