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Commitments and Contingent Liabilities 4. What are commitments and how are they reported in an entity's financial statements? 4a. What is a contingent liability? 4b.

Commitments and Contingent Liabilities

4. What are commitments and how are they reported in an entity's financial statements?

4a. What is a contingent liability?

4b. Give 4 examples of a contingent liability.

4c. What are the criteria for recognizing a contingent liability in the financial statements?

4d. What are the criteria for only disclosing a contingent liability in the footnotes to the financial statements?

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