Contingency: Difference between revisions

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imported>Doug Williamson
(Update definition - source - linked pages.)
imported>Doug Williamson
(Add definition - source - IAS 37.)
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1. ''Financial reporting - business planning.''
1. ''Financial reporting - business planning.''


Any uncertain future event.
Broadly, any uncertain future event.




2. ''Business planning.''
2. ''Financial reporting - IAS 37.''
 
For financial reporting purposes, IAS 37 defines a contingent liability by reference to the occurrence - or non-occurrence - of uncertain events not wholly within the control of the entity.
 
IAS 37 defines a contingent asset in a similar way.
 
 
3. ''Business planning.''


An uncertain future event.
An uncertain future event.
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3. ''Financial management.''
4. ''Financial management.''


An amount of money set aside to deal with the potential negative impact of an uncertain future event.
An amount of money set aside to deal with the potential negative impact of an uncertain future event.

Revision as of 12:06, 4 June 2023

1. Financial reporting - business planning.

Broadly, any uncertain future event.


2. Financial reporting - IAS 37.

For financial reporting purposes, IAS 37 defines a contingent liability by reference to the occurrence - or non-occurrence - of uncertain events not wholly within the control of the entity.

IAS 37 defines a contingent asset in a similar way.


3. Business planning.

An uncertain future event.

Usually - but not always - one that is expected to have a negative impact if it were to occur.


4. Financial management.

An amount of money set aside to deal with the potential negative impact of an uncertain future event.


See also