Crime Against Humanity: the Holy GAAP, 42

Until now you heard me use the term “active occurrence” or “contingent asset”, but now I must confess it was a poetic license. Proof and measure of how deep the strategy goes is the absence even of a legal, accounting term for the chicken who came home to roost. The IAS/IFRS seem to somewhat rely on a lower strata of accounting basics they take for granted, and in neither of them there is any term and case for the banker’s creation of purchasing power out of nothing in the form of scriptural money. No word, no fact.
Speaking of improper terms, even “give rise” as opposed to “past event” may be replaced by “accounting event WITHOUT corresponding actual event” as opposed to “accounting event WITH corresponding actual event”.
The term “active occurrence” or “contingent asset” is merely the closest existing term, and it’s revealing to consider the points of differentiation, rooted in the definitions of “occurrence” and “contingent”, and in the previously seen IAS/IFRS definition of contingent asset.
Occurrence in itself simply means: something that occurs or its occurring. (Its corresponding Italian term, sopravvenienza, unforeseen occurrence, though, is more specific, as it means: in accounting, every unexpected chance fact unrelated to the management which alters the company’s assets.)
Contingent in short means: happening by chance or unforeseen causes. (Its corresponding Italian term, potenziale, potential, means: that can translate into act.)
And a contingent asset – even though according to the IAS/IFRS this definition does not apply to financial instruments… – is one whose existence requires both past events and future events, the latter not wholly within the control of the entity.

Crime Against Humanity: the Holy GAAP