1.
Whether the company should accrue, disclose or not report at all the contingency in the financial statement dated on 31st December, 2014.
Given information:
The company named Generics Inc. has gone through a case in which Pharma Inc. sued for patent infringement. As on December 31st, 2014, the case was in the early stage and the company believed that they are likely to win. By the end of year 2015, the case progressed and
2.
The way in which the contingency should be reported as on December 31st, 2015.
3.
The way in which the contingency should be reported as on December 31st 2016.
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Intermediate Accounting
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