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Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. [1] It emphasizes accountability rather than profitability , and is used by nonprofit organizations and by governments.
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 ...
The European Union created a vast contingency fund in 2010 to counteract the Great Recession. [1]European finance ministers, the European Central Bank (ECB), and the International Monetary Fund (IMF) took steps to address the government debt crisis in Europe, which began in Greece by establishing a joint EU-IMF program to provide access to nearly $1 trillion in loans for the 16 eurozone ...
A small business emergency fund — sometimes called a contingency fund — is a stash of savings that a business draws from during an emergency or financial challenge.
At the state and local level of the United States, the Government Accounting Standards Board (GASB) make the accounting and financial rules. A major change came in June 1999, when GASB introduced accrual and consolidated rules with fund accounting taking a secondary role. [3]
The accounting for provisions is similar to United States accounting for asset retirement obligations under ASC 410. Contingent assets and liabilities IAS 37 generally defines contingent assets and liabilities as assets and liabilities that arose from past events but whose existence will only be confirmed by the occurrence of future events that ...
A contingent fee (also known as a contingency fee in the United States or a conditional fee in England and Wales) is any fee for services provided where the fee is payable only if there is a favourable result.
A revolving fund is a fund or account that remains available to finance an organization's continuing operations without any fiscal year limitation, because the organization replenishes the fund by repaying money used from the account. Revolving funds have been used to support both government and non-profit operations.