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When to record a loss contingency

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What are the rules concerning contingencies if they are discovered during the first period of the year? Should they be disclosed on the first quarter's financial statements?

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Yes, they should be recorded as soon as the contingency meets the ...

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One sentence explains the rule and why.

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How to record loss contingencies

For loss contingencies, if they are material, you must either disclose them or report them against income - what are the rules on when to record vs when a footnote is needed?

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