Which of the following statements is false?

A$.$ A contingent liability is a potential obligation that depends on the future outcome of past events.

B$.$ A contingent liability should be disclosed in the notes to the financial statements if there is a reasonable possibility that a loss $($or expense$)$ will occur.

C$.$ A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated.

D$.$ All contingent liabilities should be reported as liabilities on the financial statements, even those that are unlikely to occur.