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(Querist)
21 May 2010 what is the meaning of contigent liability ?
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CMA.Palani Arumugam

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CMA.Palani Arumugam (Expert)
21 May 2010 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, Income tax appeals, Bank Guarantee etc.

This should be disclosed in the financial statement as part of the notes to accounts.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
21 May 2010 CONTINGENT LIABILITY is: (a) A possible obligation from past events that will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the enterprise; or (b) A present obligation from past events but is not recognized because (i) it is not probable that an outflow of resources will be required to settle the obligation; or (ii) the obligation cannot be measured reliably. Some examples: in corporate reports are pending lawsuits, judgments under appeal, disputed claims, and the like, representing potential financial liability.
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CA Shiv

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CA Shiv (Expert)
21 May 2010 agreee with Sanjay ji...
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Rahul Gupta

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Rahul Gupta (Expert)
21 May 2010 Well explained by Experts.
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
21 May 2010 Agreed...
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