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  • Losses May Be Accrued For Unasserted Claims and Other Potential Unfiled Lawsuits

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    JAHNHANNALEI MARTICIO
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    A document discusses loss contingencies and accruals. It states that loss contingencies should be disclosed if there is a reasonable possibility of a loss, indirect guarantees should be disclosed by footnote rather than accrual, and losses can be accrued even without knowing the exact payee or payment date. However, losses should not be accrued for unasserted claims and other potential unfiled lawsuits.

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    accounting

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    Losses May Be Accrued for Unasserted Claims and Other Potential Unfiled Lawsuits

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    A document discusses loss contingencies and accruals. It states that loss contingencies should be disclosed if there is a reasonable possibility of a loss, indirect guarantees should be disclosed by footnote rather than accrual, and losses can be accrued even without knowing the exact payee or payment date. However, losses should not be accrued for unasserted claims and other potential unfiled lawsuits.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    27 views1 page

    Losses May Be Accrued For Unasserted Claims and Other Potential Unfiled Lawsuits

    Uploaded by

    JAHNHANNALEI MARTICIO
    A document discusses loss contingencies and accruals. It states that loss contingencies should be disclosed if there is a reasonable possibility of a loss, indirect guarantees should be disclosed by footnote rather than accrual, and losses can be accrued even without knowing the exact payee or payment date. However, losses should not be accrued for unasserted claims and other potential unfiled lawsuits.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    1. Which of the following statements is not true?

    a. No loss contingencies should be disclosed if there is a just reasonable possibility of a loss


    b. Indirect guarantees should normally be disclosed by footnote, not by accrual
    c. In the case of loss contingencies, accrual can be made even if the exact payee and
    payment date are not known
    d. Losses may be accrued for unasserted claims and other potential unfiled lawsuits

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