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Who would be potentially harmed or disadvantaged

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Reference no: EM133173407

Question - Pharma and More Ltd produces several varieties of medication. An action has been brought against the entity by a customer who broke a suffered side effects of one of the company's manufactured medication. The managing director of Pharma and More Ltd, Mr Slimy Joe, has suggested that this should not be reported as a contingent liability because the entity might win the case, and any mention of this in the financial statements could encourage more lawsuits and increase the entity's liability.

Required -

1. Who would be potentially harmed or disadvantaged by non-disclosure of the contingent liability?

2. Are the managing director's actions ethical?

Reference no: EM133173407

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