FASB has set forth four categories of potential losses that can be reasonably estimated.

Question

Quizplus · Accepted Answer

FASB (Financial Accounting Standards Board) has not set forth four specific categories of potential losses that can be reasonably estimated. Instead, FASB provides general guidance on recognizing and measuring contingencies, including losses, based on their likelihood and estimability, without specifying a fixed number of categories.

FASB Has Set Forth Four Categories of Potential Losses That