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In accounting, contingent liabilities are liabilities that may be incurred by an entity depending on the outcome of an uncertain future event [1] such as the outcome of a pending lawsuit. These liabilities are not recorded in a company's accounts and shown in the balance sheet when both probable and reasonably estimable as 'contingency' or ...
IAS 37 establishes the definition of a provision as a "liability of uncertain timing or amount", and requires that all the following conditions be fulfilled before a provision can be recognized: the entity currently has a liability as a result of a past event; an outflow of resources is likely to be needed to settle the liability; and
Current liabilities – these liabilities are reasonably expected to be liquidated within a year. They usually include payables such as wages , accounts , taxes , and accounts payable , unearned revenue when adjusting entries , portions of long-term bonds to be paid this year, and short-term obligations ( e.g. from purchase of equipment).
Whilst the standard on provisions, IAS 37, prohibits the recognition of a provision for contingent liabilities, [23] this prohibition is not applicable to the accounting for contingent liabilities in a business combination. In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources ...
G&A expense decreased by 11.4% quarter over quarter due to cost efficiency initiatives. As a summary of the above, the net income improved by 83 million or 36.7% quarter-over-quarter.
Vertex Announces Fourth Quarter and Full Year 2024 Financial Results KING OF PRUSSIA, Pa., Feb. 27, 2025 (GLOBE NEWSWIRE) -- Vertex, Inc. (NASDAQ: VERX) (“Vertex” or the “Company”), a leading global provider of indirect tax solutions, today announced financial results for its fourth quarter and full year ended December 31, 2024.
These items are causing G&A expense to increase despite our plans to decrease overhead costs by at least $25 million in 2025. 2024 was a strong year for our third-party gas trading business, and ...
[79] Liabilities are absolute or contingent. The Supreme Court defined a contingent liability as "a liability which depends for its existence upon an event which may or not happen." [5] If a liability is not contingent, it is absolute. However, the jurisprudence interpreting subsection 13(21) of the Act does not ask whether the liability ...