ACE Corporation Case - what amount ACE record as liability

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Reference no: EM132389990 , Length: 4 Pages

ACE Corporation Case -

Required: for all 3 requirements, as explained in the Case Instructions, include appropriate Accounting Standards Codification (ASC) citations within the text of your written response (not as footnotes, not as a list of citations).

1. For the year-end December 31, 2015, financial statements, what amount should ACE record as a liability?

2. For the year-end December 31, 2017, financial statements, should ACE adjust its liability? If so, what amount should be recorded; and should the amount of the adjustment be considered a 2017 event or a prior period adjustment?

3. Should ACE record the reduction of the previously recorded loss contingency in 2018 (upon the Court of Appeals overturning the verdict of the jury), or in 2019 (once the appellate judges declined ZED's petition for a re-hearing)?

Format: Please use the following page formatting for the assignment: The minimum length should be 4 pages, excluding references, with double spacing. Maximum length is 5 pages excluding references. Your case write-up should be organized as an internal research memo from an associate of an accounting firm to the audit manager. It should have the following sections: Executive summary (a one paragraph condensed description of the issue and your suggested solution). Analysis: Description of the issue (facts) and Analysis of facts o Conclusion o Reference: should be at least 4.

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Reference no: EM132389990

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len2389990

10/20/2019 10:08:57 PM

Word-Count: 4 pages. It needs to be accordingly instruction. if not you have to revise without any cost. It has to be To From: and Date: Begining of the memo. There should be 4 ASC Citation. I need exactly according to my instruction if not you have to revise without any cost and most important thing is i need report with my paper.

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