What option is available when scheduling a dashboard refresh?

Consistency is the underlying concept that supports contingent loss, which is the potential loss that is dependent upon some future event occurring or not occurring. If the loss is probable and the amount can be estimated, then the loss and liability are recorded with a journal entry.

A contingent loss is one that may arise depending upon whether an event occurs at some point in the future. A contingency occurs when there is a situation for which the outcome is uncertain. The accounting for a contingency is essentially to recognize only those losses that are probable and for which a loss can be reasonably estimated.

If the conditions for recording a loss contingency are not met, then they are met during an accounting period.