A company is preparing 2nd quarter financial statements on June 30. The company's year-end is December 31. The company has been informed of the potential of a suit to be filed against the company related to a price disagreement on a recently completed contract. The company's CFO is wondering what obligation the company has in reporting the contingency on the June 30 financial statements. What guidance is available in the Codification? FASB ASC x

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A company is preparing 2nd quarter financial statements on June 30. The company's year-end is December 31. The company has been informed of the potential of a suit to be filed
against the company related to a price disagreement on a recently completed contract. The company's CFO is wondering what obligation the company has in reporting the contingency
on the June 30 financial statements. What guidance is available in the Codification?
FASB ASC
Please include the steps you took to find it
Transcribed Image Text:A company is preparing 2nd quarter financial statements on June 30. The company's year-end is December 31. The company has been informed of the potential of a suit to be filed against the company related to a price disagreement on a recently completed contract. The company's CFO is wondering what obligation the company has in reporting the contingency on the June 30 financial statements. What guidance is available in the Codification? FASB ASC Please include the steps you took to find it
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