Contingent liabilities
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Contingent liabilities are liabilities that may or may not be incurred by a company and which depend on the outcome of, for example, a forthcoming event such as a court case. These are recorded in a company's accounts as contingent liabilities.
[edit] Examples
- bills discounted
- forward contracts
[edit] See also
IAS 37: Provisions, Contingent Liabilities and Contingent Assets