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What is NIF C9: Contingent Assets & Liabilities about?

This document defines contingent assets and liabilities. A contingent asset is a possible economic benefit that depends on uncertain future events, while a contingent liability is a possible obligation that depends on uncertain future events. Contingent assets are not recognized until it is almost certain that they will generate economic benefits, while contingent liabilities are not recognized until it is probable that a resource outflow will be required.

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