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what is contigent liability and state some examples also.
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Answer Posted / rajesh
A contingent liability is:
(a) a possible obligation that arises from past
events and the existence of which will be confirmed
only by the occurrence or non-occurrence
of one or more uncertain future events not
wholly within the control of the enterprise; or
(b) a present obligation that arises from past
events but is not recognised because:
(i) it is not probable that an outflow of
resources embodying economic benefits
will be required to settle the obligation; or
(ii) a reliable estimate of the amount of the
obligation cannot be made.
A contingent asset is a possible asset that arises
from past events the existence of which will be confirmed
only by the occurrence or non-occurrence of
one or more uncertain future events not wholly
within the control of the enterprise.
Present obligation - an obligation is a present obligation
if, based on the evidence available, its existence
at the balance sheet date is considered probable,
i.e., more likely than not.
Possible obligation - an obligation is a possible obligation
if, based on the evidence available, its existence
at the balance sheet date is considered not probable.
A restructuring is a programme that is planned and controlled
by management, and materially changes either:
(a) the scope of a business undertaken by an enterprise;
or
(b) the manner in which that business is conducted.
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