A contingent liability is a potential cost a company may or may not incur in the future. A contingent liability could be a guarantee on a debt to another entity, a lawsuit, a government probe, or even ...

When the FASB statement on business combinations was revised (modifying Statement no. 141 into Statement no. 141(R), now codified as FASB Accounting Standards Codification (ASC) Topic 805, Business ...

Loss contingency refers to possible but uncertain losses facing your small business. If someone sues you, you can incorporate the potential damages if you lose as a loss contingency on your financial ...