See also the discussion on contractual assets and liabilities. A contingent liability is recorded when it can be estimated else it should be disclosed.
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A contingent liability is IAS 3710.
. What is a contingent liability. A contingent asset is a potential economic benefit dependent solely on future events that cant be controlled by the company. Contingent assets and contingent liabilities are dealt with in IAS 37 except for assets and liabilities covered by another standard as listed in paragraph IAS 375.
A contingent liability is a possible obligation that may arise in future depending on occurrence or non- occurrence of one or more uncertain events. Due to the uncertainty of the future events these. A contingent liability is defined as a liability which may arise depending on the outcome of a specific event.
To simplify the definition a contingent liability is a potential liability which may or may not become an actual liability depending on the occurrence of events. Indianapolis Pop Music. Definition of Contingent Liabilities.
It is a possible obligation which may or may not arise depending on how a future event unfolds.
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