According to FASB,when should a contingent liability be disclosed?
A)If it is reasonably possible you will lose the lawsuit.
B)Only if the amount can be estimated and the loss is remote.
C)If it is probable that the loss will occur,and the amount of the loss can be reasonably estimated.
D)A contingent liability should never be disclosed.

Question

Quizplus · Accepted Answer

A contingent liability should be disclosed if it is reasonably possible that a loss will occur, even if the amount cannot be estimated.

According to FASB,when Should a Contingent Liability Be Disclosed