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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."
International Accounting Standard 37: Provisions, Contingent Liabilities and Contingent Assets, or IAS 37, is an international financial reporting standard adopted by the International Accounting Standards Board (IASB).
What is an example of assets, liabilities and equity? An asset adds value to your business, whether cash, equipment, accounts receivable or something else to which you can attribute a dollar amount.
Current liabilities – these liabilities are reasonably expected to be liquidated within a year. They usually include payables such as wages , accounts , taxes , and accounts payable , unearned revenue when adjusting entries , portions of long-term bonds to be paid this year, and short-term obligations ( e.g. from purchase of equipment).
Presentation of Current Assets and Current Liabilities 1979 January 1, 1981: July 1, 1998: IAS 1: IAS 14: Reporting Financial Information by Segment (1981) Segment reporting (1997) 1981 January 1, 1983: January 1, 2009: IFRS 8: IAS 15 Information Reflecting the Effects of Changing Prices 1981 January 1, 1983: January 1, 2005: N/A IAS 16
Image source: The Motley Fool. AstraZeneca Plc (NASDAQ: AZN) Q4 2024 Earnings Call Feb 06, 2025, 6:00 a.m. ET. Contents: Prepared Remarks. Questions and Answers. Call Participants
Image source: The Motley Fool. Coca-Cola (NYSE: KO) Q4 2024 Earnings Call Feb 11, 2025, 8:30 a.m. ET. Contents: Prepared Remarks. Questions and Answers. Call ...