Contingent liabilities - Revision history

imported>Doug Williamson: Add links.

2022-09-10T20:37:25Z

Add links.

← Older revision		Revision as of 20:37, 10 September 2022
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	== See also ==		== See also ==
	* [[Balance sheet]]		* [[Balance sheet]]
			* [[Contingency]]
			* [[Contingent]]
	* [[Contingent assets]]		* [[Contingent assets]]
	* [[Contingent item]]		* [[Contingent item]]

imported>Doug Williamson: Add links.

2020-12-05T21:31:30Z

Add links.

← Older revision		Revision as of 21:31, 5 December 2020
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	* [[Contingent assets]]		* [[Contingent assets]]
	* [[Contingent item]]		* [[Contingent item]]
			* [[Disclosure]]
	* [[FRS 102]]		* [[FRS 102]]
	* [[Guarantee]]		* [[Guarantee]]
	* [[IAS 37]]		* [[IAS 37]]
	* [[Liabilities]]		* [[Liabilities]]
			* [[Recognition]]
	* [[Standby letter of credit]]		* [[Standby letter of credit]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Add link.

2019-05-05T19:11:36Z

Add link.

← Older revision		Revision as of 19:11, 5 May 2019
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	* [[Guarantee]]		* [[Guarantee]]
	* [[IAS 37]]		* [[IAS 37]]
			* [[Liabilities]]
	* [[Standby letter of credit]]		* [[Standby letter of credit]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Expand for IAS 37.

2019-02-24T15:06:21Z

Expand for IAS 37.

← Older revision		Revision as of 15:06, 24 February 2019
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	Relevant accounting standards include Section 21 of FRS 102.		Relevant accounting standards include Section 21 of FRS 102 and IAS 37.


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	* [[FRS 102]]		* [[FRS 102]]
	* [[Guarantee]]		* [[Guarantee]]
			* [[IAS 37]]
	* [[Standby letter of credit]]		* [[Standby letter of credit]]

	[[Category:Accounting,_tax_and_regulation]]		[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Link with Balance sheet page.

2019-02-24T08:30:10Z

Link with Balance sheet page.

← Older revision		Revision as of 08:30, 24 February 2019
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	== See also ==		== See also ==
			* [[Balance sheet]]
	* [[Contingent assets]]		* [[Contingent assets]]
	* [[Contingent item]]		* [[Contingent item]]

imported>Doug Williamson: Categorise.

2018-02-28T10:02:07Z

Categorise.

← Older revision		Revision as of 10:02, 28 February 2018
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	* [[Guarantee]]		* [[Guarantee]]
	* [[Standby letter of credit]]		* [[Standby letter of credit]]

			[[Category:Accounting,_tax_and_regulation]]

imported>Doug Williamson: Layout.

2017-11-28T11:06:06Z

Layout.

← Older revision		Revision as of 11:06, 28 November 2017
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	1. ''Financial reporting''.		''Financial reporting''.

	A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the reporting entity’s control, ~~or a~~ present obligation that arises from past events in circumstances where it is not probable that a transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.		A contingent liability is:
			*A possible obligation that arises from past events, and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the reporting entity’s control; or,
			*A present obligation that arises from past events in circumstances where it is not probable that a transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.

	The generally accepted accounting treatment for contingent liabilities is to disclose them in the notes to the financial statements, but not to record them within the balance sheet.
			The generally accepted accounting treatment for contingent liabilities is to ''disclose'' them in the notes to the financial statements, but not to record them within the balance sheet.


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	~~2. ''~~Examples~~''.~~		====Examples====

	Examples of contingent liabilities include guarantees and standby letters of credit.		Examples of contingent liabilities include guarantees and standby letters of credit.

imported>Doug Williamson: Layout.

2016-08-12T11:00:03Z

Layout.

← Older revision		Revision as of 11:00, 12 August 2016
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	2. ''Examples''.		2. ''Examples''.

	~~Contingent~~ liabilities include guarantees and standby letters of credit.		Examples of contingent liabilities include guarantees and standby letters of credit.

imported>Doug Williamson: Add links.

2016-08-12T10:58:06Z

Add links.

← Older revision		Revision as of 10:58, 12 August 2016
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	''Financial ~~accounting~~''.		1. ''Financial reporting''.

	A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the reporting entity’s control, or a present obligation that arises from past events in circumstances where it is not probable that a transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.		A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence of one or more uncertain future events not wholly within the reporting entity’s control, or a present obligation that arises from past events in circumstances where it is not probable that a transfer of economic benefits will be required to settle the obligation, or the amount of the obligation cannot be measured reliably.
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	Relevant accounting standards include Section 21 of FRS 102.		Relevant accounting standards include Section 21 of FRS 102.


			2. ''Examples''.

			Contingent liabilities include guarantees and standby letters of credit.


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	* [[Contingent item]]		* [[Contingent item]]
	* [[FRS 102]]		* [[FRS 102]]
			* [[Guarantee]]
			* [[Standby letter of credit]]

imported>Doug Williamson: Update for FRS 102

2015-11-06T10:30:38Z

Update for FRS 102

← Older revision		Revision as of 10:30, 6 November 2015
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	The generally accepted accounting treatment for contingent liabilities is to disclose them in the notes to the financial statements, but not to record them within the balance sheet.		The generally accepted accounting treatment for contingent liabilities is to disclose them in the notes to the financial statements, but not to record them within the balance sheet.


			Relevant accounting standards include Section 21 of FRS 102.


	== See also ==		== See also ==
	* [[Contingent assets]]		* [[Contingent assets]]
	* [[Contingent item]]		* [[Contingent item]]
	* [[FRS 12]]		* [[FRS 102]]