U.S. GAAP Codification of Accounting Standards Guide by AccountingINFO.com

U.S. GAAP Codification of Accounting Standards

Principles of Accounting, Intermediate Financial Accounting, U.S. GAAP Textbook

Accounting by Topic, Accounting Terms Dictionary

U.S. GAAP Accounting Standards
Codification Topic 450-30: Gain Contingencies

Codification Topic 450-30
Gain Contingencies

Gain contingency
--> a gain will incur if certain future events occur or not occur

Recognition of a gain contingency
--> a gain contingency is not recognized
--> in the financial statements

Disclosure of a gain contingency
--> a gain contingency may be disclosed in the notes
--> however, misleading implications about (A) should be avoided
(A) the likelihood of realization

Codification Topic 450
Contingencies

Subtopics of Codification Topic 450

   450-10 Overall
   450-20 Loss contingencies
   450-30 Gain contingencies

Accounting Terms of Codification Topic 450-10

   Contingency
   Gain contingency
   Loss contingency

Accounting Terms of Codification Topic 450-20

   Probable
   Reasonably possible
   Remote

Accounting Terms of Codification Topic 450-30