Contingent assets and liabilities that do not meet either of these recognition criteria at the acquisition date are subsequently accounted for in accordance with other applicable literature, includiSubsequent measurement
If contingent assets and liabilities are initially recognized at fair value, an acquirer should develop a systematic and rational basis for subsequently measuring and accounting for those assets and liabilities depending on their nature.
ng ASC 450. (See ―Provisions and Contingencies‖ for differences between ASC 450 and IAS 37).