Define contingent Asset also give 1 Example?

A contingent asset is a possible asset that may arise because of a gain that is contingent on future events that are not under an entity's control. According to the accounting standards, a business does not recognize a contingent asset even if the associated contingent gain is probable 

An asset from which economic benefit might be obtained in future but cant put it on balance sheet now because of uncertainty in near future is called contingent asset. example.

A legal case where we think we will get settlement in next5 to7 years will be treated contingent asset.

Check IAS FOR DETAILED ANALYSIS OF PROVISIONS,CONTIGENT ASSETS & LIABILITIES

a contingent asset is a potential asset associated with a contingent gain.

Definition :- Contingent Asset can be defined as '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. It 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.

Example :- A potential settlement from a Lawsuit.

 benefits to company result from past event  example Users license

A contingent asset is a potential asset and there gains are not recorded in accounts. Even when the amount can be estimated.

A contingent asset is a potential asset associated with a contingent gain. Unlike contingent liabilities and contingent losses, contingent assets and contingent gains are not recorded in accounts, even when they are probable and the amount can be estimated. An example of a contingent gain and contingent asset might be a lawsuit filed by Company A against Company B for infringement of Company A's patent. If it is probable that Company A will win the lawsuit and receive an estimated amount of money, it has a contingent asset and a contingent gain. However, it will not report the asset and gain until the lawsuit is settled. (At most Company A will prepare a very carefully worded disclosure stating that it possibly could win the case.) On the other hand, Company B will need to make an entry in its accounts if the loss contingency is probable and the amount can be estimated. If one of those are missing, Company B will have to disclose the loss contingency in the notes to its financial statements.

A possible asset arising from the past events the existence of which depends on the happening of one or more uncertain future events not  within the control of the entity.