What is contingent liability?
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Answer Posted / sivadas
a) A possible obligation that arises from past events and
the existence of which will be confirmed only by the
occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the
enterprise; or
b)A present obligation that arises from past events but is
not recognised because:
(i)it is not probable that an outflow of resources
embodying economic benefits will be required to settle the
obligation; or
(ii) a reliable estimate of the amount of the
obligation cannot be made.
Possible obligation - an obligation is a possible
obligation if, based on the evidence available, its
existence at the balance sheet date is considered not
probable.
Present obligation - an obligation is a present obligation
if, based on the evidence available, its existence at the
balance sheet date is considered probable, i.e., more
likely than not.
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