Learn what contingent liabilities are, how they arise from uncertain future events, and how they are disclosed in financial statements. See examples of contingent liabilities in accounting, such as lawsuits, warranties, and environmental liabilities . Contingent liabilities are potential liabilities that may arise from uncertain future events. Learn how to recognize, measure, and report them in accordance with accounting standards and regulatory requirements. It will help students develop an understanding of the concept of contingent liabilities . For more such intriguing concepts, stay tuned to BYJU’S. Also See: Differences Between Provision and Contingent Liability Liability Definition and Types Difference Between Assets and Liabilities Non Current Liabilities What Is Current Liabilities Guide to Contingent Liabilities and their meaning. We explain it with example, differences with provisions, disclosure & types.
