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[DOCX File]How should Canada Dry account for the lawsuit filed ...
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What is a contingent liability? What are the three potential accounting treatments for a contingent liability? In your opinion, how do you think Keurig Dr Pepper/Canada Dry will treat this contingent liability from an accounting standpoint? Author: Tietz, Wendy

[DOC File]Chapter 11—Accounting for Current Liabilities
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Explain a current liability, and identify the major types of current liabilities. Describe the accounting for notes payable. Explain the accounting for other current liabilities. Explain the financial statement presentation and analysis of current liabilities. Describe the accounting and disclosure requirements for contingent liabilities.

[DOC File]Chapter 13 Current Liabilities and Contingencies
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( Accounting Research Bulletin No. 43, “Restatement and Revision of Accounting . ... The term contingent liability is used to describe a circumstance in which the existence of a liability is uncertain. FASB Statement No.5 (Accounting for Contingencies) A contingency is “an existing condition, situation, or set of circumstances involving ...

[DOC File]Provisions, contingent liabilities and contingent assets ...
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For each contingent liability at the reporting date, a brief description of the nature of the contingent liability, as well as an estimate of its financial effect and the uncertainties surrounding the contingent liability, is provided in the notes to the financial statements. Example 14.3 – Disclosure of contingent liabilities. 31.

[DOCX File]Statutory Accounting Principles Working Group
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In the event that, at the inception of the guarantee, the guarantor is required to recognize a liability under paragraph 8 for the related contingent loss, the liability to be initially recognized for that guarantee shall be the greater of (a) the amount the satisfies the fair value objective as discussed in paragraph 20 or (b) the contingent liability amount required to be recognized at ...

[DOC File]CONTINGENCIES LIABILITIES
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2.1 Obtain professional opinion of the tax consultant of the entity so as to assure the degree and extent of exposure. 2.2 Refer to the tax working papers, particularly tax position schedule in order to identify any potential contingent liability. 2.3 Obtain from client any reports/details of sales tax audits/income tax audits.

[DOC File]International Accounting Standard 10
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The entity does not merely disclose a contingent liability because the settlement provides additional evidence that would be considered in accordance with paragraph 16 of IAS 37. (b) the receipt of information after the balance sheet date indicating that an asset was impaired at the balance sheet date, or that the amount of a previously ...

[DOCX File]SSAP No. 5R— Liabilities, Contingencies and Impairments of ...
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If the guarantor is required to subsequently recognize a contingent liability for the guarantee, the guarantor shall eliminate any remaining noncontingent liability for that guarantee and recognize a contingent liability in accordance with paragraph 8. ... What contracts would be exempt from the accounting rules included in SSAP No. 62R? 3 ...

[DOC File]'Double-Entry' Journal
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Contingent Liabilities (FAS 5) What is a contingent liability? Under FAS 5, contingent liabilities fall into three categories and are treated differently. Briefly explain what these categories are, and what the required treatment is in each case. Give an example of a contingent liability with a high degree of probability where amounts can be ...

[DOCX File]0111-01 Financial Reporting of Liabilities Policy
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GASB Statement No. 16 “Accounting for Compensated Absences” provides guidance for the measurement of accrued compensated absences liabilities, regardless of the reporting model or fund type used to report the transactions. A liability is recognized only for potentially vested rights and not for contingent circumstances, such as medical leaves.

[DOC File]Chapter 9
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A contingent liability arises because of some transaction or event that has already occurred which may, depending upon one or more future events, cause the creation of a true liability. A typical example is a lawsuit for damages. Whether the defendant has a liability depends upon the ultimate decision of the court. Pending that decision there ...

[DOC File]International Accounting Standard 37
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Provisions, Contingent Liabilities and Contingent Assets. This version includes amendments resulting from IFRSs issued up to 31 December 2006. IAS 37 Provisions, Contingent Liabilities and Contingent Assets was issued by the International Accounting Standards Committee in September 1998.

[DOC File]CHAPTER 17
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A contingent liability is defined as an existing condition, situation, or set of circumstances involving uncertainty as to possible loss to an entity that ultimately will be resolved when some future event occurs or fails to occur. SFAS No. 5, "Accounting for Contingencies" (FAS5), classifies uncertainties into three categories: 1.

Contingent liability accounting