AASB 137 Provisions, Contingent Liabilities and Contingent Assets, defines a as: 'a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity'

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A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. A deferred liability is an obligation that will be settled at a future date, while a deferred asset represents an amount that has been paid or received in advance and will be recognized as an expense or income in the future. A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

AASB 137 Provisions, Contingent Liabilities and Contingent Assets, Defines a As