Latest release

Contingent liabilities (ETF 72)

Australian System of Government Finance Statistics: Concepts, Sources and Methods
Reference period
Next release Unknown
First release

Contingent liabilities (ETF 72) are defined in paragraph 7.251 of the IMF GFSM 2014 as obligations that do not arise unless a particular, discrete event(s) occurs in the future. The key difference between contingent liabilities and actual liabilities is that one or more conditions must be fulfilled before a financial transaction is recorded. Contingent liabilities are not recognised as liabilities prior to their associated condition(s) being fulfilled. Contingent liabilities are further discussed in Chapter 13 Part C of this manual. In GFS, contingent liabilities are further classified as:

  • Explicit contingent liabilities (ETF 721); and
  • Implicit contingent liabilities (ETF 722).