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Contingent liabilities: provide for probable losses and disclose material post-balance-sheet events in financial statements. A contingency is a condition at the balance sheet date dependent on uncertain future events; a contingent loss is recognised as a provision when it is probable that a liability existed or an asset was impaired at the balance sheet date and a reasonable estimate can be made. Events after the balance sheet date that provide additional evidence about conditions existing at the balance sheet date require adjustments to assets and liabilities; other post-balance-sheet events may require disclosure. Disclosure must describe the nature, uncertainties and an estimate of financial effect or state that an estimate cannot be made.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Contingent liabilities: provide for probable losses and disclose material post-balance-sheet events in financial statements.</h1> A contingency is a condition at the balance sheet date dependent on uncertain future events; a contingent loss is recognised as a provision when it is probable that a liability existed or an asset was impaired at the balance sheet date and a reasonable estimate can be made. Events after the balance sheet date that provide additional evidence about conditions existing at the balance sheet date require adjustments to assets and liabilities; other post-balance-sheet events may require disclosure. Disclosure must describe the nature, uncertainties and an estimate of financial effect or state that an estimate cannot be made.
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