Answer:
Certain and amount can be estimated reliably.
Explanation:
According to IAS 37, a provision is a liability that arises as a result of a past event, for which it is more likely than not (Probability > 50%) that cash outflow will be required to settle the obligation in future. An the amount of liability can be estimated reliably.
Thus, a loss contingency will be accounted for in company's financial statements only if it is a provision (the liability can be determined with certainty) as above.
Contingent liabilities are not presented on the face of the Financial Statements but are disclosed in the notes.
