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US GAAP defines a contingency as follows:

Definition from ASC 450-20-20

Contingency: An existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur.

The following sections discuss the disclosure considerations for loss and gain contingencies as provided by ASC 450.
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