| has gloss | eng: Contingent liabilities that may or may not be incurred by an entity depending on the outcome of a future event such as a court case. These liabilities are recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable. A footnote to the balance sheet describes the nature and extent of the contingent liabilities. The likelihood of loss is described as probable, reasonably possible, or remote. The ability to estimate a loss is described as known, reasonably estimable, or not reasonably estimable. According to Accounting Standard 29 A contingent liability is: (a)a possible obligation that arises from past events and the existance of which will be confirmed only by the occurance or non occurance of one or more uncertain future events not wholly within the control of the enterprise. |