What is a contingent liability? How is a contingent liability reported under GAAP? How does this differ

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What is a contingent liability? How is a contingent liability reported under GAAP? How does this differ under IFRS?

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Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

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Question Posted: Nov 02, 2015 05:55 AM

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What is a contingent liability? How is a contingent liability reported under GAAP? How does this differ

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A contingent liability is a potential future liability A contingent liability arises because some tr...View the full answer

Fundamentals of Financial Accounting

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