(A) it is “probable” that a loss will incur (B) amount of loss can be reasonably estimated Disclosed in the notes, without recognition –> if it is “reasonably possible” that a loss will incur Disclosure is not required –> if the possibility of loss is “remote” ©AccountingInfo...
the lessee is to consider, under the ASC 450 criteria for evaluating contingencies, whether the likelihood of loss is considered remote, reasonably possible, or probable before considering any available reimbursements available from insurance companies or other third parties. If the probability of ...