A liability is accrued for a contingent loss if: a. it is remote that the confirming event will occur
b. it is reasonably possible the confirming event will occur
c. the amount is not reasonably estimable
d. it is probable the confirming event will occur
e. the amount can be reasonably estimated

Statement d. and statement e.

Explanation:

A liability is a contingent liability till the time the event confirming the liability do not take place, or the probability of such event is minimal.

Also in most cases the amount of such liability cannot be estimated with reliability.

Further when the probability of such event is high and the company and its consultants or management agree to the feasibility of this upcoming liability up to a defined extent of amount, that is the amount is also identifiable, the liability is recorded as a loss.

Thus, probability of event and the estimate of amount both are important in order to convert contingent liability into contingent loss.

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