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3. A recent issued demographic report indicates that there is a reasonable probability that ABC

3. A recent issued demographic report indicates that there is a reasonable probability that ABC

3. A recent issued demographic report indicates that there is a reasonable probability that ABC company's business may be adversely impacted in the future. The company's controller wants to begin accruing a general contingency reserve now for unspecified business contingencies, such as the potential decline in business that may occur in the future. Find FASB ASC as to whether or not such accrual is allowed under GAAP. (The citation must follow xxx-xx-xx-xx or xxx-xx-xx-x format

 
manish jayant 10-Sep-2020

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