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.
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.
Decommissioning costs represent the expenditures associated with ending an operation or activity, which might include dismantling infrastructure such as an oil rig and restoring the affected environment.
An amount set aside out of profits in the accounts of an organization for a known liability, even though the specific amount might not be known, or for the diminution in value of an asset.
