The Financial Accounting Standards Board (FASB) defines a loss contingency as, O an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur O an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events flil to occur an existing condition or situation involving uncertainty as to possible gain that will ultimately be resolved when one or more future events occur or fail to occur O an existing condition or situation involving certainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur