Skid Company is a defendant in several different law suits which are all pending at the end of Skid s fiscal year.

Q:Skid Company is a defendant in several different law suits which are all pending at the end of Skid s fiscal year. The Controller of Skid Company wants to know if the legal proceedings must be accrued in the accounts, disclosed in the footnotes, or neither of these. Required: Write a brief explanation of the criteria used to determine whether an accrual in the accounts is required for both loss and gain contingencies under U.S GAAP

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