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An asset for which the growth potential is determined by future events entirely outside the company's control, and as such are not listed on its balance sheet, but are required to be stated in its financial statements.
An asset in which the possibility of an economic benefit depends solely upon future events that can't be controlled by the company. Due to the uncertainty of the future events, these assets are not placed on the balance sheet. However, they can be found in the company's financial statement notes.For Example: Lawsuit.
A contingent asset is an asset that arises out of past events but will or will not have value as a result of a future event or a series of future events. This means that at present, the value of a contingent asset is not known, and also that the value of the asset is not totally under the control of the company or entity that claims it. A contingent asset may sometimes also be referred to as a potential asset.
These are the rights to a future claim based on past events
the asset whose economic benifit only depends on future events and uncontrolable by company.
Possible and totally uncontrolled right (having no current value) to a future economic benefit is called a contingent asset. It does not appear on entity's Balance Sheet.
Contingent asset is an assets which its value is not realistic/ is not possible to be determined in the closing of financial year and this asset is not presented in the Balance sheet, but stated in the notes to the accounts that the company is expect to gain economy worth from its assets.
An asset that a company may have or receive but only if a certain future event occurs.
For example, the company may be awarded a significant amount of money or property title provided it wins the lawsuit.
Possessed by the company in near future. certainty is95%.
An assets that company may gets in future from an uncertain event, which is not under the comtrol of company.
An asset in which the possibility of an economic benefit depends solely upon future events that can't be controlled by the company.
