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City of Hickory Attn: Purchasing Dept. VENDOR APPLICATION PO Box 398, Hickory NC 28603 Phone 828 323 7472 Fax 828 304 0740 INSTRUCTIONS: PLEASE PRINT CLEARLY OR TYPE. Check all responses that apply.

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A loss contingency should be accrued if it is both (1) probable and (2) reasonably estimable. ASC 450-20-20 defines “probable” as “the future event or events are likely to occur,” which is generally considered a 75% threshold.

ASC 450-20-20 defines “probable” as “the future event or events are likely to occur,” which is generally considered a 75% threshold. Reporting entities should evaluate any information available prior to issuance of the financial statements to determine whether a loss contingency is probable at the balance sheet date.

With respect to disclosures, ASC 450 requires the entity to disclose the nature of the unasserted claim or loss contingency, and either an estimate of the possible loss, a range of the possible loss, or a statement that such an estimate cannot be made, be disclosed.

for an accrual made pursuant to paragraph 450-20-25-2; that term is limited to. 4 ing to the FASB ASC glossary, probable is "the future event or events are likely to occur." 5 ing to the FASB ASC glossary, remote is "the chance of the future event or events occur- ring.

The likelihood of the loss occurring falls under three thresholds: “probable,” “reasonably possible,” or “remote.” While FASB ASC 450 does not provide qualitative thresholds for each of these classifications, in practice it is often acceptable to consider probable as over 70%-75%, remote as under 10%, and reasonably ...

While a numeric standard for probable does not exist, practice generally considers an event that has a 75% or greater likelihood of occurrence to be probable. A provision must be probable to be recognized. Probable is interpreted as more likely than not (i.e., a probability of greater than 50 percent).

Requirements for Management Discussion and Analysis (MD&A) Securities law dictates that companies must hire an independent auditor to verify a company's financial statements, such as its balance sheet, income statements, and statement of cash flows.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232