Considering the potential for civil liability today, professionals like accountants must be aware of their legal obligations. Under common law and statutory law, outline and explain the concepts in the Chapter 22 reading regarding: Potential liability to clients, explaining breach of contract, negligence and fraud, potential liability to third parties.

Considering the potential for civil liability today, professionals like accountants must be aware of their legal obligations. Under common law and statutory law, outline and explain the concepts in the Chapter 22 reading regarding: Potential liability to clients, explaining breach of contract, negligence and fraud, potential liability to third parties.

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Question

Potential liability to clients, explaining breach of contract, negligence and fraud, potential liability to third parties.

Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

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