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Contingent liabilities are recorded or disclosed unless they are?

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Egie Boy Cauba
Egie Boy CaubaLv5
22 Jan 2021
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Related questions

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 company’s 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 aren’t 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?

1. Define contingent liabilities. What are types of events that might create contingent liabilities? Where would auditors look for contingent liabilities?

2. What steps do auditors take at the end of the audit to ensure that the audit is complete?

3. Describe the going concern issue and how auditors address it in an audit report.

What is the ethical tightrope that companies must walk when they report contingent liabilities?

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