Accounting Disclosure
Accounting help please?
We are working on Contingent liabilites:
Valleck can use the information from the February negotiations (occurring after the end of the year) in determining appropriate disclosure. The cause for the suit existed at the end of the year. Valleck should accrue both the $190,000 compliance cost and the $205,000 penalty because an agreement has been reached making the loss probable and the amount at least reasonably estimable. These are the two conditions that require accrual of a loss contingency.
The disclosure note should also indicate that accrual was made. This can be accomplished by adding the following sentence to the end of the note:
……. Both of the above amounts have been fully accrued as of December 31, 2006.
distinguish between the accounting treatment of a manufacturer’s warranty and an extended warranty. Why the difference?
The facts do not show the full details to enable you to take a decision.
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