Illustrate the procedures for presenting and disclosing contingent liabilities in the accounting records What are contingent liabilities When do these liabilities need to be recorded in the accounting records When do they need to be disclosed What GAAP standards determine the criteria related to co...

Contingent Liability may be defined as a liability which may end up occurring often as a result of u ...

Illustrate the procedures for presenting and disclosing contingent liabilities in the accounting records. What are contingent liabilities

Question:

Illustrate the procedures for presenting and disclosing in the accounting records. What are ? When do these liabilities need to be recorded in the accounting records? When do they need to be disclosed? What standards determine the criteria related to contingencies?
Contingent liabilities
A contingent liability is an obligation of business related to an uncertain future event. The business must record it in its financial statements if the amount can be reliably estimated and it is probable that amount will be paid by business as a... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...