ACTG 2P32 Study Guide - Quiz Guide: Book Value, Financial Instrument, Financial Statement

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A contingency is an existing condition or situation involving uncertainty as to possible gain or loss to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur. Resolution of the uncertainty may confirm the acquisition of an asset or the reduction of a liability or the loss or impairment of an asset or the incurrence of a liability. Instruments with contingent settlement provisions are financial liabilities if the contingency is highly likely to occur. The estimation of the amount of a contingent loss. A provision is a liability of uncertain timing or amount. Instruments with contingent settlement provisions represent liabilities where the contingency is outside the control of the issuer. If these conditions are not met, no provision shall be recognised. contingent consideration recognised by an acquirer in to be accrued in the financial statements may be based on information that provides a range of the amount of loss.

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