IAS 37 - Provision

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A contingent asset is a potential asset that arises from past events and whose existence will be confirmed only by the occurrence or non­occurrence of one or more uncertain future events not wholly within the control of the entity.

Contingent liabilities -

a possible obligation depending on whether some uncertain future event occurs, or

a present obligation but payment is not probable or the amount cannot be measured reliably

Provision - a liability of uncertain timing or amount.

According to IAS 37, provision, contingent liabilities and contingent assets, a contingent asset can only be recognised when the inflow of the resources are virtually certain.