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In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or ...
The SEC Guidance defines the probability terms as follows, per FAS5 Accounting for Contingent Liabilities: "Probable: The future event or events are likely to occur." "Reasonably possible: The chance of the future event or events occurring is more than remote but less than likely."
The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.
The accounting equation relates assets, liabilities, and owner's equity: Assets = Liabilities + Owner's Equity. The accounting equation is the mathematical structure of the balance sheet. Probably the most accepted accounting definition of liability is the one used by the International Accounting Standards Board (IASB). The following is a ...
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] [2] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [3]
Bush had specifically asked for an intelligence analysis of possible al Qaeda attacks within the United States, because most of the information presented to him over the summer about al Qaeda focused on threats against U.S. targets overseas, sources said.
However, if you're on a specific mission, hunting for home goods, cookware, or plants, Markel recommends heading to the warehouse as early as possible when the store opens, which is usually 9 a.m ...
FIN 48 (mostly codified at ASC 740-10) is an official interpretation of United States accounting rules that requires businesses to analyze and disclose income tax risks. It was effective in 2007 for publicly traded entities, and is now effective for all entities adhering to US GAAP.