the disclosure shall indicate the nature of the

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Unformatted text preview: between expense and cash outlay. 3- 6 Describe what conditions must be met for a loss of contingency to be accrued with a charge to income - Information available prior to issuance of the statement indicates that it is probable that an asset has been impaired or a liability had been incurred at the date of the financial statements. - The amount of loss can be reasonably estimated. Explain when disclosure is required, and what disclosures are necessary for a loss contingency that does not meet the criteria for accrual of a charge to income - Disclosure of the contingency shall be made when there is at least a reasonable possibilit...
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