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23.4 Contingencies - Viewpoint
https://viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/financial_statement_/financial_statement___18_US/chapter_23_commitmen_US/234_contingencies_US.html
WEBContingency: An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur.
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Accounting Guidelines for Contingent Liabilities - Investopedia
https://www.investopedia.com/ask/answers/041015/what-are-official-fasb-guidelines-regarding-contingent-liabilities.asp
WEBMay 22, 2022 · Contingent liabilities are sometimes referred to as "loss contingencies" by the FASB. The concept of a contingent liability is centered around the two primary aspects of an accounting...
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A Roadmap to Accounting for Contingencies and Loss Recoveries
https://www2.deloitte.com/us/en/pages/audit/articles/a-roadmap-to-accounting-for-contingencies-and-loss-recoveries.html
WEBThis edition of On the Radar provides an in-depth look at guidance for loss contingencies, gain contingencies, loss recoveries, and contingent liabilities as defined in ASC 450 and ASC 460, as well as examples of how these concepts might be applied in practice.
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Loss contingency definition — AccountingTools
https://www.accountingtools.com/articles/loss-contingency
WEBMar 28, 2024 · A loss contingency is a charge to expense for what is considered to be a probable future event, such as an adverse outcome of a lawsuit. A loss contingency gives the readers of an organization's financial statements early warning of an impending payment related to a likely obligation.
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Accounting for contingencies — AccountingTools
https://www.accountingtools.com/articles/accounting-for-contingencies.html
WEBOct 22, 2023 · A contingency arises when there is a situation for which the outcome is uncertain, and which should be resolved in the future, possibly creating a loss. The accounting for a contingency is essentially to recognize only those losses that are probable and for which a loss amount can be reasonably estimated. Examples of contingent loss …
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Contingencies and Their Effects | Types, Examples, and FAQs
https://www.financestrategists.com/accounting/liabilities-and-contingencies/contingencies-and-their-effects/
WEBMar 28, 2023 · In the Standard, a contingency is defined as "an existing condition involving uncertainty as to possible gain or loss to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur." That is to say, there are two dates involved in a contingency:
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13.3 Accounting for Contingencies – Financial Accounting
https://open.lib.umn.edu/financialaccounting/chapter/13-3-accounting-for-contingencies/
WEBContingencies are potential liabilities that might result because of a past event. The likelihood of loss or the actual amount of the loss is still uncertain. Loss contingencies are recognized when their likelihood is probable and this loss is subject to a reasonable estimation.
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12.3 Define and Apply Accounting Treatment for Contingent
https://openstax.org/books/principles-financial-accounting/pages/12-3-define-and-apply-accounting-treatment-for-contingent-liabilities
WEBUnder US GAAP, loss contingencies are accrued if they are probable and can be estimated. Probable means “likely” to occur and is often assessed as an 80% likelihood by practitioners. Under IFRS, probable is defined as “more likely than not” and is typically assessed at …
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5.3: Accounting for Contingencies - Business LibreTexts
https://biz.libretexts.org/Courses/HACC_Central_Pennsylvania's_Community_College/ACCT_151%3A_Principles_of_Financial_Accounting_II/05%3A_In_a_Set_of_Financial_Statements_What_Information_Is_Conveyed_about_Liabilities/5.03%3A_Accounting_for_Contingencies
WEBKey Takeaway. Learning Objectives. At the end of this section, students should be able to meet the following objectives: Define a “commitment” and explain the method by which it is reported. Define a “contingency” and explain the method by which it is reported.
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Loss contingency | Business Accounting
https://business-accounting.net/loss-contingency/
WEBJun 22, 2020 · A loss contingency is a charge to expense for what is considered to be a probable future event, such as an adverse outcome of a lawsuit. A loss contingency gives the readers of an organization’s financial statements early warning of an impending payment related to a likely obligation.
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