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Assessing contingencies today
Every Tuesday in April, Pat Durbin is taking over the podcast sharing insights and going back to basics on some critical accounting areas, including contingent liabilities, subsequent events, and inventory.
To kick off the series, Heather Horn and Pat are joined by Tom Barbieri, our US Chief Accountant, to bring you the latest on one of the oldest and most foundational standards, FAS 5, which is now Topic 450, Contingencies.
In this episode, you’ll hear discussion of:
6:03 - An overview of the accounting framework and key judgments in assessing the likelihood of loss
10:21 - What to consider…
The skinny
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