Which paragraph of the codification sheds light, Financial Accounting

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Which paragraph of the codification sheds light

Problem

A firm has the calendar year as its fiscal year. In January 2020, a Court delivers a ruling on a suit against the firm. The suit had commenced in 2019. The firm is yet to issue its 2019 financial statements. Which paragraph of the Codification sheds light on whether this information should be recognized in its 2019 financial statements?

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Financial Accounting: Which paragraph of the codification sheds light

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Financial Accounting: Which paragraph of the codification sheds light

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