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Companies are required to report liabilities. Identifying unrecorded liabilities could be challenging yet it protects creditors and...

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Accounting

Companies are required to report liabilities. Identifyingunrecorded liabilities could be challenging yet it protectscreditors and stakeholders.

1.Define contingent liabilities and the GAAP that governs thereporting or nonreporting?
2. What are your thoughts on the fit or sufficiency of thestandard? Is the FASB naive in the expectation of managementtruthfulness in this area?

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1 Contingent liabilities are those liabilities that have possibility of occurring or not occurring ie there is a probability of the even happening can have high or low probability As per the GAAP principles contingent liabilities that have a high    See Answer
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