11.4.3.2 Lost Profits — Two Supplier Market is a method of calculating damages due to breach of contract when there are two suppliers of a product or service. It is most commonly used in situations where one supplier has breached a contract, causing the other supplier to suffer lost profits. This method of calculating damages takes into account both the direct and indirect losses suffered by the aggrieved party. It is based on the principle that the aggrieved party should be compensated for any losses that it would have avoided had the contract not been breached. The two types of 11.4.3.2 Lost Profits — Two Supplier Market are: (1) the Single-Supplier Market, where only one supplier is considered; and (2) the Multiple-Supplier Market, where multiple suppliers are considered.
11.4.3.2 Lost Profits - Two Supplier Market
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ASC 450, Contingencies, outlines the accounting and disclosure requirements for loss and gain contingencies.
Full Disclosure Requirements Audited financial statements. Employed accounting policies and changes in the accounting policies. Non-monetary transactions. Material losses. Asset retirement obligations. Details and reasons for goodwill impairment. Existing litigation.
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.
This market share approach allows a patentee to recover lost profits, despite the presence of acceptable, noninfringing substitutes, because it nevertheless can prove with reasonable probability sales it would have made but for the infringement.
Based on this decision, patent holders may still receive damages for lost profits, along with a reasonable royalty, even if a market contains acceptable non-infringing substitutes.
Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity. Contingent assets are not recognised, but they are disclosed when it is more likely than not that an inflow of benefits will occur.
Company Financial Statements Disclosure Names of the transacting related parties. Description of the relationship between the parties. Description of the transactions. The amounts involved. Any other elements of the transaction necessary for an understanding of the financial statements.
BASICS: ?To collect lost profits from lost sales, a 'patentee must show 'a reasonable probability that 'but for' the infringing activity, the patentee would have made the infringer's sales. ' This is done by determining what profits the patentee would have made absent the infringing product.