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Read the following article about a lawsuit against Arriva Medical LLC (Arriva): Link to article below.
In accordance with United States GAAP guidance, firms must recognize lawsuits if a loss is reasonably probable and can be estimated. Under the whistleblower statute in question, a finding of $1 of liability results in an additional $3 of damage payments. A total payment of $2 billion is not unreasonable if Arriva loses the lawsuit.
Question 1: Using the terms of the Conceptual Framework, argue either that GAAP should be changed to require liabilities such as this to be recognized, or make a case that this provision of GAAP should not be changed.
Attachment:- GAAPdocx.zip
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