Contingent Asset (Contingent Liability)
Contingent liability is:
(a) A possible obligation that arises from past events, and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or
(b) A present obligation that arises from past events, but is not recognized because:
(i) It is not probable that an outflow of resources embodying economic benefits or service potential will be required to settle the obligation; or(ii) The amount of the obligation cannot be measured with sufficient reliability.