What type of disclosure or accounting do you believe is necessary for the following items? (a) Because of a general increase in the number of labor disputes and strikes, both within and outside the...

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What type of disclosure or accounting do you believe is necessary for the following items?

(a)   Because of a general increase in the number of labor disputes and strikes, both within and outside the industry, there is an increased likelihood that a company will suffer a costly strike in the near future.

(b)   A company reports a material unusual and infrequent loss on the income statement. No other mention is made of this item in the annual report.

(c)   A company expects to recover a substantial amount in connection with a pending refund claim for a prior year's taxes. Although the claim is being contested, counsel for the company has confirmed the client's expectation of recovery.

Answered Same DayJul 25, 2022

Answer To: What type of disclosure or accounting do you believe is necessary for the following items? (a)...

Prince answered on Jul 25 2022
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Question:
What type of disclosure or accounting do you believe is necessary for the following item
s?
(a)   Because of a general increase in the number of labor disputes and strikes, both within and outside the industry, there is an increased likelihood that a company will suffer a costly strike in the near future.
(b)   A company reports a material unusual and infrequent loss on the income statement. No other mention is made of this item in the annual report.
(c)   A company expects to recover a substantial amount in connection with a pending refund claim for a prior year's taxes. Although the claim is being contested, counsel for the company has confirmed the client's expectation of recovery.
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