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Contingent liabilities have gained prominence in the analysis of public finance. Indeed, history is full of episodes in which the financial position of the public sector is substantially altered-or its true nature uncovered-as a result of government bailouts of financial or nonfinancial entities, in both the private and the public sector. The paper discusses theoretical and practical issues raised by contingent liabilities, including the rationale for taking them on, how to safeguard against the fiscal risks associated with them, how to account and budget for them, and how to disclose them. Country experiences are used to illustrate ways these issues are addressed in practice and challenges faced. The paper also points to good practices related to the mitigation, management and disclosure of risks from contingent liabilities.

Contingent liabilities (Accounting) --- Liabilities (Accounting) --- Finance, Public --- Risk management. --- Accounting. --- Government accounting --- Governmental accounting --- Public accounting --- Accrued liabilities --- Insurance --- Management --- Accounting --- Budgeting --- Public Finance --- Public Administration --- Public Sector Accounting and Audits --- National Budget --- Budget Systems --- Insurance Companies --- Actuarial Studies --- Public finance & taxation --- Budgeting & financial management --- Financial reporting, financial statements --- Insurance & actuarial studies --- Contingent liabilities --- Budget planning and preparation --- Financial statements --- Fiscal risks --- Fiscal policy --- Budget --- United States