Conservative Accounting

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August 25, 2024 3 min read Definitions

Gain Contingency: Potential or Pending Development in Accounting

Accounting Finance Gain Contingency Conservative Accounting Footnote Disclosure Potential Gain Accounting Practices

Gain contingency refers to a potential or pending development that may result in a future gain to the company. Conservative accounting practice dictates that gain contingencies should not be booked, though footnote disclosure of the particulars may be made.

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