A contingent liability is a potential cost a company may or may not incur in the future. A contingent liability could be a guarantee on a debt to another entity, a lawsuit, a government probe, or even ...
Sean Ross is a strategic adviser at 1031x.com, Investopedia contributor, and the founder and manager of Free Lances Ltd. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax ...
Contingent liabilities – particularly those tied to litigation, regulatory exposure, or environmental matters – are among the most consistently underestimated threats in corporate finance. When ...
Reviewed by Robert C. KellyFact checked by Vikki VelasquezReviewed by Robert C. KellyFact checked by Vikki Velasquez Contingent liabilities are those that depend on the outcome of an uncertain event.
It often is difficult to determine the existence of a contingent liability. Even when the potential liability is known, it’s not easy to correctly value it. Failure to properly consider the tax impact ...
Accruing a likely contingent liability is part of responsible earnings management. Although you aren't likely to find the term "earnings management" in an accounting dictionary, the American Institute ...
When the FASB statement on business combinations was revised (modifying Statement no. 141 into Statement no. 141(R), now codified as FASB Accounting Standards Codification (ASC) Topic 805, Business ...
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