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25 January 2011 what is meant by contingent liability and contingent asset
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 January 2011 Contingent Assets:

An asset in which the possibility of an economic benefit depends solely upon future events that can't be controlled by the company. Due to the uncertainty of the future events, these assets are not placed on the balance sheet. However, they can be found in the company's financial statement notes.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
25 January 2011 Contingent Liability:

The possibility of an obligation to pay certain sums dependent on future events. Due to the uncertainty of the future events, these liabilities are not shown in the balance sheet. However, they can be found in the company's financial statement notes.
A good example of a contingent liability would be an outstanding lawsuit.
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CA Gunjan Kedia

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CA Gunjan Kedia (Expert)
26 January 2011 Hi alok,

for a more elaborate description, please follow this link :

https://www.iasplus.com/standard/ias37.htm

gud luck !!
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