After a loss contingency has been determined, the probability of its developing into an actual loss must be evaluated. Accounting for a loss contingency is based upon the degree of probability that one or more future events will occur which will result in an actual loss. On the other hand, gain contingencies are never recorded in the accounts until they are actually realized. A loss contingency will develop into an actual loss only upon the occurrence of one or more future events, whose likelihood of occurrence will vary significantly