Section PS 3300 – Contingent Liabilities

March 01, 2014

CONTINGENT LIABILITIES

  • Contingent liabilities are distinct from liabilities since there is a degree of uncertainty as to whether a present obligation to sacrifice economic benefits exists at the financial statement date.
  • Contingent liabilities have two basic characteristics:
    • There must be an existing condition or situation; and
    • There must be an expected future event that will resolve the uncertainty as to whether a present obligation to sacrifice economic benefits exists. This event cannot be wholly within the control of the reporting government.
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