Many contingent liabilities do not appear in the balance sheet and instead are just disclosed in the footnotes to the financial statements. Research one public companys current financial statement and locate the footnotes on contingent liabilities. Provide an explanation of the types of contingent liabilities included in the footnotes. What is the GAAP accounting rule in order for a liability to be actually recorded and included in the balance sheet section? Why arent the liabilities you researched from the footnotes included in the liability section of the balance sheet? Why is it important for users of financial statements to read the footnotes and pay attention to the contingent liability section?