ASC 450 (previously SFAS No.5,"Accounting for Contingencies")requires the accrual and disclosure of probable contingent losses that can be reasonably estimated.

Name: ASC 450 (previously SFAS No.5,"Accounting for Contingencies")requires the accrual and disclosure of probable contingent losses that can be reasonably estimated.
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ASC 450 requires the accrual and disclosure of probable contingent losses that can be reasonably estimated, making the statement true.

ASC 450 (Previously SFAS No