In a general sense, all provisions are contingent because they are uncertain in timing or
amount. However, within this Standard the term ‘contingent’ is used for liabilities and
assets that are not recognised because their existence will be confirmed only by the
occurrence or non-occurrence of one or more uncertain future events not wholly
within the control of the enterprise. In addition, the term ‘contingent liability’ is used
for liabilities that do not meet the recognition criteria.