Question

What will a contingency note contain?​

Answer 1

Explanation:

Contingencies are potential liabilities that might result because of a past event. The likelihood of loss or the actual amount of the loss is still uncertain. ... Reasonably possible losses are only described in the notes and remote contingencies can be omitted entirely from financial statements.

Answer 2

Answer:

Contingencies are potential liabilities that might result because of a past event. The likelihood of loss or the actual amount of the loss is still uncertain. ... Reasonably possible losses are only described in the notes and remote contingencies can be omitted entirely from financial statements.