Do the current accounting rules regarding the booking of and disclosures about contingencies provide enough information for people using financial statement?© BrainMass Inc. brainmass.com June 3, 2020, 8:00 pm ad1c9bdddf
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 ...
The solution evaluates the reporting of contingencies in financial statements.