Seriously? Now I know for sure you're just trolling for arguments. You are not an accountant if you do not know that. It's accounting 101! I'm not even bothering to read your replies.
Please look at any set of financial statements and you will never ever see a contingent liability recorded in the balance sheet. Why? Because if it was, it would be a liability and not a contingent liability.
Disc: Have worked for big four on three continents and currently work in M&A in London. Thanks.
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