Provide example which apply criteria would trigger booking

Reference no: EM13901870

ACCOUNTING FOR LOSS CONTINGENCIES. The text states that loss contingencies may or may not give rise to accounting liabilities. Financial reporting requires firms to recognize a loss contingency when two criteria are met. Describe the two criteria and provide an example in which applying the criteria would trigger booking the loss contingency as an accounting liability.

Reference no: EM13901870

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