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Massachusetts Institute of Technology. Dept. of Economics. Thesis. 1969. Ph.D.
IAS 37 — Provisions, Contingent Liabilities and Contingent.
The idea of contingent commodity, that was introduced by Arrow (1953) and further developed by Debreu (1953), was an ingenious device that enabled the theory to be interpreted to cover the case of uncertainty about the availability of resources and about consumption and production possibilities. Basically, the idea of contingent commodity is to add the environmental event in which the.
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Contingent Liabilities; Contingent Assets. A contingent asset is a potential asset or economic benefit for a company. It does not currently exist but may arise in the near future. The occurrence of such a contingent asset depends on the occurrence or the non-occurrence of a particular set of events over which the company itself does not have.
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Contingent Asset: It 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. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to the.
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Examples of Contingent Liabilities. Potential liability of company which depends on the happening or non-happening of some contingent event in the future which is beyond the company’s control of company is known as the contingent liability and the example of which includes potential pending lawsuits of the company, warranties given, etc.
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IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate (including risks and uncertainties) of the expenditure required to settle the present.
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However, as of 2013 the contingent asset is a virutal certainty because Company A is in liquidation. So although in 2011 the possibility of a contingent asset was remote, circumstances as of 2013 suggest that the asset is a certainty. My question is do I recognise the asset in 2011 accounts or wait until the 2013 accounts when the events.
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Contingent liabilities Contingent Liability A contingent liability is a potential liability that may or may not occur. The relevance of a contingent liability depends on the probability of the contingency becoming an actual liability, its timing, and the accuracy with which the amount associated with it can be estimated. are liabilities that may occur, depending on the outcome of a future event.
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Then in such a case, this is no more a contingent liability. Now the company must consider this as a provision or even as a liability and pass the necessary accounting entries to recognize this. Browse more Topics under Contingent Assets And Liabilities. Contingent Assets; Contingent Liability and Provisions.
Contingent Liability: Meaning, Accounting Treatment and.
Contingent asset is a possible asset of the company that may arise in the future on the basis of happening or non happening of any contingent event which is beyond the control of the company and will be recorded in the balance only if it becomes certain that the economic benefit will flow to the company.