Keyword Analysis & Research: gaap lawsuit disclosure

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Frequently Asked Questions

What if the company does not provide the information required by GAAP?

The company must provide the disclosures required by GAAP, even if the information is not provided it by their attorney.

What is a disclosure on financial statements regarding pending litigation?

According to GAAP, Provide a disclosure on financial statements regarding the pending litigation. A statement disclosure will communicate relevant information not captured in the statement itself to a company's stakeholders. According to GAAP the financial statements must have disclosure notes.

What is the art of disclosure in accounting?

The art of disclosure, then, is for the company to provide sufficient disclosure to inform its users and comply with GAAP, while their attorney helps protect the company from disclosing information which may be harmful to the company's position in the litigation.

What does GAAP stand for in accounting?

GAAP simply refers to the generally accepted accounting principles. This is vital as it provides a foundation for approved accounting methods and practices.Since the company was recently served with a lawsuit and in this case, there's litigation, it's necessary to provide a disclosure on financial statements regarding the pending litigation.

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