A possible asset that has arisen from past business transactions. However, its realization is only confirmed by the occurrence or non-occurrence of one or more uncertain future events (a claim that can be realized only if certain specified outcomes occur). These future circumstances are not entirely within the control of the entity. Examples include a claim that an entity seeks to enforce in a legal proceeding with an uncertain outcome, letters of credit, guarantees and most derivatives – see contingent liability.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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