26

26

Obligations may not meet the definition of liability because of one of the following reasons: 3. The amount of the obligation be: measured. finy of these circumstances is present then be recorded related to the obligation. These are them considered to be and should be -xplain what criteria must be met before a contingent liability is recorded on the financial statements. Obligations may not meet the definition of liability because of one of the following reasons: 1. There is about whether or not the obligation is in fact an obligation of the firm. This will only be resolved when one or more and the event is the control of the company. required to settle the obligation. representing 3. The amount of the obligation be : measured. any of these circumstances is present then be recorded related to the obligation. These : an considered to be and should be