FAR — Quick Sheet
Current Liabilities, Contingencies & Commitments
Read time: ~5 minutes
One-minute revision
- Probable + estimable → accrue
- Probable but not estimable, or reasonably possible → disclose only
- Remote → nothing
- Range with no best estimate → accrue the minimum
- Gain contingencies: never accrue before realized
- Assurance warranty → accrue at sale; service-type warranty → separate performance obligation, revenue over time