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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (356176)3/28/2010 7:06:30 AM
From: Logain Ablar2 Recommendations  Read Replies (1) of 793876
 
Bill:

The accounting standard is Financial Accounting Standard 5 Accounting for Contingencies with this being a loss contingency. Loss contingencies you book as they become known (or at least your supposed to and we know many companies have gotten into trouble for not doing this).

Its a bedrock standard with other subsequent standards like accounting for pensions and employee benefits being further a further clarification.
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