Lets say we had a lawsuit against us, we went to our lawyer and he gave us 3 sce
ID: 2578990 • Letter: L
Question
Lets say we had a lawsuit against us, we went to our lawyer and he gave us 3 scenarios. How woukd you account for the 3 A Record and disclose? b. Disclose C. Ignore Oh, and why woukd you do it the way you chose, and what would your entry be, if you recorded it Scenario 1: You are being sued for anywhere between 100,000 and 500,000. Your lawyer says its probable you will loose the lawsuit. Best estimate in the range is $ 300,000 Scenario 2 Your are being sued for anywhere between 100,000 and 500,000. Your lawyer says its probable you will loose the lawsuit, however he can't give you a best estimate Scenario 3 Your are being sued for anywhere between 100,000 and 500,000. Your lawyer said maybe you loose (not remote) No best estimate given Scenario 4 You are being sued for 1,000,000. Your lawyer says not chance you will loose Scenario 5: YOU ARE SUING someone, and your lawyer says you should win $500,000. Have fun, remember, to explain yourselfExplanation / Answer
scenario 1 : record and disclose ; as per lawyers calculation we may loose and it results in payment of $300,000
scenario 2 : disclose ; as the amount cannot be estimated it cannot be recorded in absolute terms
scenario 3 : ignore , as probability to loose is very low
scenario 4 : disclose , as chance of loose is very low
scenario 5 : disclose , as win situaton should be recorded only when actual amount received
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