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Aliabilityis a future obligation and acurrent liabilityis a future obligation that is due within 1 year. A contingency can result in a gain or loss.

Aliabilityis a future obligation and acurrent liabilityis a future obligation that is due within 1 year. A contingency can result in a gain or loss. What are the criteria to determine whether to report the contingency in financial statements? Provide a detailed example of a contingent liability in a publicly traded organization

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