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David Gruber

David Gruber

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How to Account for Gain and Loss Contingencies

Posted by David Gruber on Nov 3, 2021 2:27:05 PM

A contingency refers to a condition, situation, or set of circumstances where it is uncertain whether or not a gain or loss will occur in the future. The result of the current condition, situation, or set of circumstances, is unknown until future events occur (or do not occur). Contingencies are different from estimates, even though both involve a level of uncertainty. Calculating depreciation using an estimated useful life or amounts accrued for services received are not contingencies.

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Topics: Audit & Assurance

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