What is a loss contingency, Accounting Standards

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What is a loss contingency

Response to the following questions:

1. What is a loss contingency? What criteria have to be met for a company to accrue a loss contingency? If these criteria are not met, how does a company disclose a loss contingency?

2. Why is it necessary for a company to disclose subsequent events? What kinds of subsequent events are disclosed by an adjustment to the company's financial statements and what kinds are disclosed in a note?

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Accounting Standards: What is a loss contingency

Reference No:- TGS02100109

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Accounting Standards: What is a loss contingency

Reference No:- TGS02100109

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