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I can explain Contingent Liability
A possible obligation that depends on a future event - disclosed, not always booked.
A contingent liability is a possible obligation from past events confirmed only by uncertain future events, or a present obligation not recognized because outflow is not probable or not reliably measurable.
Sticky trick
Probable and estimable → provision. Possible → contingent disclosure. Remote → usually silence.
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In plain English, what is Contingent Liability?
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