Your company was recently served with a lawsuit
Asked by maham237 @ in Business viewed by 1071 People
Your company was recently served with a lawsuit. The outcome of the litigation will not be determined for several months, but it could result in a materially large settlement to be paid by your corporation According to GAAP, what action should you take? SELECT ONLY ONE Take no action, because it may be dismissed Provide a disclosure on financial statements regarding the pending litigation Wait for the outcome of the lawsuit to address stakeholders Ensure information regarding the lawsuit is not revealed Provide a statement to employees and stockholders