A possible asset that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events, beyond the control of the accounting entity.
A contingent gain is an economic benefit that may be realized when a favorable event occurs, though it is not guaranteed and depends on future uncertainties.
Either a possible obligation arising from past events that will be confirmed by one or more uncertain future events not wholly within an entity's control, or a present obligation from past events that cannot be measured reliably or is not probable to require settlement.
