Access the FASB Accounting Standards Codification at the FASB website Required:
a. Obtain the relevant authoritative literature on recognition of contingent losses. What is the specific citation that describes the guidelines for determining when an expense and liability should be accrued for a contingent loss?
b. List the guidelines.

Which of the following statements is not correct? the stock of publicly owned companies must generally be registered with and reported to a regulatory agency such as the sec. when stock in a closely held corporation is offered to the public for the first time, the transaction is called "going public, or an ipo," and the market for such stock is called the new issue or ipo market. "going public" establishes a firm's true intrinsic value and ensures that a liquid market will always exist for the firm's shares. if you wanted to know what rate of return stocks have provided in the past, you could examine data on the dow jones industrial index, the s& p 500 index, or the nasdaq index.