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Contingencies Define what a contingency is,describe the auditor's main concerns about them,and indicate how contingencies should be dealt with by management and the auditor.Besides litigation,claims,and assessments,what are some other types of contingencies?
Unrecognized Net Loss
A loss that has occurred but has not been reported in the financial statements because it has not yet been realized through a transaction.
Projected Benefit Obligation
A measurement of the present value of future pension benefits owed to employees, based on factors like salary history and years of service.
Plan Assets
Resources set aside by a company in a dedicated fund to meet future pension benefits or other long-term employee benefits.
Vested Benefits
Employee benefits, such as pension funds or stock options, that are fully granted and cannot be forfeited even if the employment is terminated.
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