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28 Sep 2019
Your company has just been named as defendant in a lawsuitrelated to a leak of chemicals, from one of your company's plantsonto private property. The plaintiff is suing for $5 million indamages; your company's attorneys believe the ultimate amount ofloss could range between $1 million and $3 million, with no amountin the range more likely than other amounts in the range. Thelawsuit is expected to be resolved in the middle of next year. Citefrom the FASB Codification an research memo to address whether aloss should be accrued, and for what amount, and what disclosuresshould be made in the company's financial statements.
Your company has just been named as defendant in a lawsuitrelated to a leak of chemicals, from one of your company's plantsonto private property. The plaintiff is suing for $5 million indamages; your company's attorneys believe the ultimate amount ofloss could range between $1 million and $3 million, with no amountin the range more likely than other amounts in the range. Thelawsuit is expected to be resolved in the middle of next year. Citefrom the FASB Codification an research memo to address whether aloss should be accrued, and for what amount, and what disclosuresshould be made in the company's financial statements.
Tod ThielLv2
28 Sep 2019