Under ASPE, a contingent liability is defined as a liability that is contingent on the occurrence or non-occurrence of some future event.

Name: Under ASPE, a contingent liability is defined as a liability that is contingent on the occurrence or non-occurrence of some future event.
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Under Accounting Standards for Private Enterprises (ASPE) in Canada, a contingent liability is indeed defined as a potential obligation that may arise depending on the outcome of a future event.

Under ASPE, a Contingent Liability Is Defined as a Liability