Unformatted text preview: the ultimate outcome appears settled and the loss is probable. 4. This is a loss contingency. Barone can use the information occurring after the end of the year in determining appropriate disclosure. It is unlikely that Barone would choose to accrue the $18 million loss because the judgment will be appealed and that outcome is uncertain. A disclosure note is appropriate:...
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- Winter '11
- The Loss, $13 million, appropriate disclosure, Barone, $18 million