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LPL » Topics » Provisions and Contingent liability

This excerpt taken from the LPL 6-K filed Mar 28, 2008.

Provisions and Contingent liability

When there is a probability that an outflow of economic benefits will occur due to a present obligation resulting from a past event, and whose amount is reasonably estimable, a corresponding amount of provision is recognized in the financial statements. However, when such outflow is dependent upon a future event, is not certain to occur, or cannot be reliably estimated, a disclosure regarding the contingent liability is made in the notes to the financial statements.

This excerpt taken from the LPL 6-K filed Feb 20, 2008.

Provisions and Contingent liability

When there is a probability that an outflow of economic benefits will occur due to a present obligation resulting from a past event, and whose amount is reasonably estimable, a corresponding amount of provision is recognized in the financial statements. However, when such outflow is dependent upon a future event, is not certain to occur, or cannot be reliably estimated, a disclosure regarding the contingent liability is made in the notes to the financial statements.

EXCERPTS ON THIS PAGE:

6-K
Mar 28, 2008
6-K
Feb 20, 2008

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