Gain Contingencies, ASC 450

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

 

© AccountingInfo.com