Question: Companies obviously can also have gain contingencies. In a lawsuit, for example, one party might anticipate winning $800,000 but eventually collect
$900,000. Are the rules for reporting gain contingencies the same as those applied to loss contingencies?
Answer: As a result of the conservatism inherent in financial accounting, the timing used in the recognition of
gains does not follow the same rules applied to losses. Losses are anticipated when they become probable; that
is a fundamental rule of financial accounting. Recognition of gains is delayed until they actually occur (or, at
least until they reach the point of being substantially complete). Disclosure in the notes is still important but the
decision as to whether the outcome is probable or reasonably possible is irrelevant in reporting a gain. Gains are
not anticipated for reporting purposes.
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