Contingencies and Financial Statements
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Do the current accounting rules regarding the booking of and disclosures about contingencies provide enough information for people using financial statement?
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Solution Summary
The solution evaluates the reporting of contingencies in financial statements.
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Contingencies are not appropriately disclosed on the financial statements of the company. This is partly because of the amount of uncertainties associated with contingencies. Thus a lot of management discretion is involved in their disclosure.
There are two basic types of contingencies - a ...
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