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Nearly all companies confront loss contingencies of various

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Nearly all companies confront loss contingencies of various forms.

Required:

a. Describe what conditions must be met for a loss contingency to be accrued with a charge to income.

b. Explain when disclosure is required, and what disclosures are necessary, for a loss contingency that does not meet the criteria for accrual of a charge to income.

Reference no: EM13574149

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