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?© BrainMass Inc. brainmass.com October 25, 2018, 10:06 am ad1c9bdddf
Yes, they should be recorded as soon as the contingency meets the ...
One sentence explains the rule and why.
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?View Full Posting Details