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  • S.a.p. Referral Form - Nlsd Page

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Reason(s) for referral: Suspected child abuse/neglect. Gender Identify Issues. Witness to (or victim of) traumatic event. Behavior.

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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 provides that an estimated loss from a loss contingency must be accrued as a charge to income if both of the following conditions are met: Information indicates that it is probable that an asset had been impaired, or a liability had been incurred at the date of the financial statements.

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 ...

FASB Accounting Standards Codification (ASC) Topic 450, Contingencies, requires companies to assess the degree of probability of an unfavorable outcome before reporting a loss contingency.

Background: General disclosure guidance in FASB Accounting Standards Codification® (ASC) Topic 275, Risks and Uncertainties, requires a nongovernmental entity to disclose risks and uncertainties relating to the nature of its operations, its estimates, and vulnerability due to certain concentrations.

There are generally two types of subsequent events. 1)The first is a recognized event whereas the second is a non-recognized event. Recognized or type 1 subsequent events are typically events that occurred at the financial statement 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.

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).

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
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