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In September 2019, the lawyers of the current and former employees of GGG Inc, filed...

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Accounting

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In September 2019, the lawyers of the current and former employees of GGG Inc, filed a P3,000,000 class action lawsuit, alleging that exposure to radiation have caused significant medical problems. The lawyer of GGG is uncertain as to the outcome of the case. However, similar lawsuits against other firms in the same industry have resulted in significant payments by the employer but there was no reliable estimate as to the amount. In GGG December 31, 2019 financial statements, which were issued on April 30, 2020. How much liability should item be reported

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