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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP-Codification | IFRS International Standards | Accounting Standards, ASC |
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U.S. GAAP Codification of Accounting Standards |
| U.S. GAAP-Codification | IFRS International Standards | Accounting Standards, ASC |
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U.S. GAAP
Codification of Accounting Standards |
U.S. GAAP Codification,
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ASC,
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IFRS
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Securities Law Library |
| Codification Topic 450-20 Loss Contingencies
Loss contingency--> a loss will incur if certain future events occur or not occur
Recognition of a loss contingency1. Recognized in the financial statements 2. Disclosed in the notes
Recognized in the financial statements--> if both (A) and (B) are satisfied (A) it is "probable" that a loss will incur (B) amount of loss can be reasonably estimated
Disclosed in the notes, without recognition--> if it is "reasonably possible" that a loss will incur
Disclosure is not required--> if the possibility of loss is "remote"
International Financial Reporting Standards (IFRS)IAS 37: Provisions, contingent liabilities and contingent assets |
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Codification Topic 450 Contingencies |
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Subtopics of Codification Topic 450 450-10 Overall 450-20 Loss contingencies 450-30 Gain contingencies |
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Accounting Terms of Codification Topic 450-10 Contingency Gain contingency Loss contingency |
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Accounting Terms of Codification Topic 450-20 Probable Reasonably possible Remote |
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Accounting Terms of Codification Topic 450-30 |
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