If management can estimate the amount of loss that will occur due to litigation against...
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Accounting
If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is probable, a contingent liability should beReported as a liability, but not disclosedDisclosed and reported as a liability.Disclosed, but not reported as a liabilityNeither disclosed nor reported as a liability.
If management can estimate the amount of loss that will occur due to litigation against the company, and the likelihood of the loss is probable, a contingent liability should beReported as a liability, but not disclosedDisclosed and reported as a liability.Disclosed, but not reported as a liabilityNeither disclosed nor reported as a liability.
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