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What is possible cont?

Possible cont is short for possible contingency, which refers to potential future events or circumstances that may impact an individual or organization.

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Typically, individuals or organizations who are preparing financial statements are required to disclose possible cont.

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Possible cont should be filled out by identifying potential risks or uncertainties and providing a description of how they may affect the financial status.

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Information such as the nature of the contingency, the likelihood of occurrence, and the potential impact on financial statements must be reported on possible cont.