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Discuss the accounting treatment

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Assume that a company had a serious event occur on their property where adjoining private property damage occurred, and people were injured. The incident was not covered by insurance, and there are likely lawsuits to be filed against the company. Discuss fully the accounting treatment and disclosures that should be accorded the casualty and related contingent losses in the upcoming year-end financial statements.

Reference no: EM132405329

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