A company can be aware of an obligation, but not know how much it will be required to pay. This is known as an uncertainty in:

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27-07-2022
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A company can be aware of an obligation, but not know how much it will be required to pay. This is known as an uncertainty in:

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MubeenaD MubeenaD · Answer 1 · 2022-08-02T08:59:16+02:00

A company can be aware of an obligation, but not know how much it will be required to pay. This is known as an uncertainty in how much to pay.

A contingent obligation is a responsibility that might materialize based on how a future event plays out. If a contingency is likely and its financial impact can be calculated with reasonable certainty, a contingent obligation is documented.

Unless all requirements are not met, the obligation may be mentioned in a footnote to the financial statements.

Common examples of contingent liabilities are ongoing legal proceedings and product warranties due to the uncertainty of their outcomes. Depending on the expected financial amount of the responsibility and the possibility that the event will occur, different accounting standards apply for reporting a contingent liability.

The accounting standards guarantee that viewers of financial statements are given enough information.

To learn more about Contingent Obligation

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