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contingent gain

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A potential gain that is not recognized by accountants in the financial statements until it actually occurs. For example, Company P is suing Company D over a patent infringement. Company P has a contingent gain. Because of conservatism, accountants usually do not report or disclose contingent gains (but will report or disclose contingent losses).

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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