What are contingent assets and liabilities? Are they recognized in financial position? and why?

According to IAS-Provisions, Contingent Liabilities and Contingent Assets, Contingent assets are possible assets that arises from past events and whose existence will be confirmed only by existence or non-existence of one ore more uncertain future events not wholly within the control of an entity. Whereas, contingent liabilities are possible obligations depending on whether some uncertain future events occurs, or a present obligation but payment is not probable and the amount cannot be measured reliably. 

Since the the amounts of contingent assets and contingent liabilities can't be measured reliably therefore it can't be recognized in statement of financial position instead it must be disclosed in the notes to the accounts that there is a possibility of inflow of economic benefit or outflow of resources based upon uncertain future events (provide the detail of events if possible).