Contingent Liabilities

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Definitions
Contingencies in Accounting
Contingencies Financial Statements Prudence Concept Contingent Liabilities Contingent Assets Accounting Standards Financial Reporting
Contingencies in accounting refer to potential gains and losses that are known to exist at the balance-sheet date. These outcomes will only be known after one or more future events occur or do not occur. The way these contingencies are handled in financial statements depends on their nature, and specific accounting standards provide the required guidance.
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