##""A contingent liability is a potential liability that may occur, depending on the outcome of an uncertain future event. A contingent liability is recorded in the accounting records if the contingency is probable and the amount of the liability can be reasonably estimated.
A contingent liability that is both probable and the amount can be estimated is recorded as 1) an expense or loss on the income statement, and 2) a liability on the balance sheet. As a result, a contingent liability is also referred to as a loss contingency.
A contingent debt is an unusual kind of debt that is dependent on uncertain future developments. A contigent debt is not a definitive liability as it is based on the outcome of a future event (for example, such as a court verdict).""##
Now, is that sufficient to satisfy your needs.??
Have we (CTP), set aside a specific amount of money to cover us just in case.??
If we have, I would appreciate if you could lead me to it.??
Or is it that if we did, it could make our financials looking sad.??
Rest assured that there are many sharks swimming around the waters of the ASX and the Sharemarket, and that those sharks knows every possible single way of skinning a cat without doing any damages to the flesh.
Cheers
CTP Price at posting:
8.6¢ Sentiment: None Disclosure: Held
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