Answer Posted / barodianbuddy(acca)

A contingent liability: a possible obligation depending on whether some uncertain future event occurs

According to IAS 37

Recognition of provision for contingent liability

Virtually certain ( > 95% ) - provide
Probable ( 50% to 95%) - provide
Possible ( 5% to 50% )- disclose by note
Remote ( < 5% )- no disclosure

INTE3RNATIONAL ACCOUNTING STD

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A----------involves transfer of money or moneys worth from one person to another

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