The likelihood of loss in connection with many contingencies is not always going to be probable or subject to a reasonable estimation. What reporting is appropriate for a loss contingency that does not qualify for recording at the present time? Answer: If the likelihood of loss is only reasonably possible (rather than probable) or if the amount of a probable loss does not lend itself to a reasonable estimation, only disclosure in the notes to the financial statements is necessary rather than actual recognition. A contingency where the chance of loss is viewed as merely remote can be omitted from the financial statements. Unfortunately, this official standard provides little specific detail about what constitutes a probable, reasonably possible, or remote loss.
pay loans
payday loan consolidation idaho
cash time loans phoenix
payday advance loan
payday loans bradenton florida
same day payday loan
payday loan companies las vegas
low interest payday loans no credit check
payday loan altoona pa
cheap unsecured loans
payday loans michigan city
cash loan Houston
express cash advance
payday loan places in post falls idaho
pay check advance
quick loan with no credit
cash loans for georgia residents
quick cash 4 land reviews
loans for no credit
payday advance loans san jose ca
Not surprisingly, many companies contend that future adverse effects from all loss contingencies are only reasonably possible so that no actual amounts are reported. Practical application of official accounting standards is not always theoretically pure, especially when the guidelines are nebulous. Question: Assume that a company recognizes a contingent loss because it is judged to be probable and subject to a reasonable estimation. Eventually, all estimates are likely to prove wrong, at least in some small amount. What happens when a figure is reported in a set of financial statements and the actual total is later found to be different? For example, Wysocki Corporation recognized an estimated loss of $800,000 in Year One because of a lawsuit involving environmental damage. Assume the case is eventually settled in Year Two for $900,000. How is the additional loss of $100,000 reported? It relates to an action taken in Year One but the actual amount is not finalized until Year Two. The difference is not apparent until the later period.
payday loans near washington pa
payday loan orem utah
payday loans portland or
payday loans new philadelphia ohio
borrow money
payday loans stuart florida
payday loans knoxville tennessee
online installment loans for texas
online loans
payday loans downtown los angeles
cash register supplies
payday loans downtown los angeles
cash loan pa
cash loan vacancies
i need a small loan
cash loan chicago
cash advance loans washington state
fast cash vlog
cash loans quick
cash loan places in delaware
payday loans warren michigan
fast installment loans
fair credit loans
cash cow loans utah
payday loan richmond va
payday loans in las vegas online
online loan amortization
cash loans dublin ohio
payday loans olney illinois
online loan companies



Payday Loans

© 2015 All rights reserved.

Make a free websiteWebnode