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What is Contingent Liabilities and Assets Explained about?

Contingent liabilities are potential obligations that may require future resource outflows depending on uncertain events, recognized in financial statements only when probable and estimable. Contingent assets are possible future inflows of economic benefits, recognized only when the inflow is virtually certain, and disclosed in notes if probable but not certain. Both concepts ensure transparency in financial reporting without overstating liabilities or assets.

Author

sinharohit1514

Language

EN