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FASB Requirements for Probable Contingent Losses

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amrahlifestyle

The FASB requires probable contingent losses that can be reasonably estimated to be: Aeither recorded on the financial statements or reported in the notes to the financial statementsBignored until the actual loss materializesCreported in the notes to the financial statementsDaccrued and reported on the financial statementsThe FASB requires probable contingent losses that can be reasonably estimated to be: Aeither recorded on the financial statements or reported in the notes to the financial statementsBignored until the actual loss materializesCreported in the notes to the financial statementsDaccrued and reported on the financial statements Solution Contingent losses are those events which occurred after the balance sheet date and it is essential to call out the risk during disclosure of the financial statements. Hence it is A - either recorded on the financial statements or reported in the notes to the financial statements..

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The FASB requires probable contingent losses that can be reasonably estimated to be: Aeither recorded on the financial statements or reported in the notes to the financial statementsBignored until the actual loss materializesCreported in the notes to the financial statementsDaccrued and reported on the financial statementsThe FASB requires probable contingent losses that can be reasonably estimated to be: Aeither recorded on the financial statements or reported in the notes to the financial statementsBignored until the actual loss materializesCreported in the notes to the financial statementsDaccrued and reported on the financial statements Solution Contingent losses are those events which occurred after the balance sheet date and it is essential to call out the risk during disclosure of the financial statements. Hence it is A - either recorded on the financial statements or reported in the notes to the financial statements.

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FASB Requirements for Probable Contingent Losses

  • 1. The FASB requires probable contingent losses that can be reasonably estimated to be: Aeither recorded on the financial statements or reported in the notes to the financial statementsBignored until the actual loss materializesCreported in the notes to the financial statementsDaccrued and reported on the financial statementsThe FASB requires probable contingent losses that can be reasonably estimated to be: Aeither recorded on the financial statements or reported in the notes to the financial statementsBignored until the actual loss materializesCreported in the notes to the financial statementsDaccrued and reported on the financial statements Solution Contingent losses are those events which occurred after the balance sheet date and it is essential to call out the risk during disclosure of the financial statements. Hence it is A - either recorded on the financial statements or reported in the notes to the financial statements.