https://padlet.com/matt_griffith/3xc8quu1rlge Given the information about the AICPA / ABA “Treaty” concerning pending litigation: en-us 2018-04-10 14:24:23 UTC 2026-03-21 19:52:22 UTC hello@padlet.com https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858109 I agree with FASB b/c the outcomes are unknown until the event ends. Therefore, any prediction might be wrong and need more resources to adjust, which is a waste of resources. ]]> 2018-04-11 18:05:06 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858109 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858218 2018-04-11 18:05:17 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858218 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858246 Accuracy/faithful representation issues with lawyers.]]> 2018-04-11 18:05:20 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858246 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858263 I agree that the treaty protects clients' interests because any estimate a lawyer provides that is externally reported could be used against them in court]]> 2018-04-11 18:05:21 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858263 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858312 I don't think the lawyers need to include their legal council and the expense should be recognized as occurred when losing a patient defense, not as any sort of prediction. ]]> 2018-04-11 18:05:26 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858312 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858392 I agree with FASB because reporting all the necessary information is apart of faithful representation. ]]> 2018-04-11 18:05:35 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858392 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858643 2018-04-11 18:06:00 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858643 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858644 2018-04-11 18:06:00 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858644 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858655 The disclosure of ]]> 2018-04-11 18:06:01 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858655 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858656 The ]]> 2018-04-11 18:06:01 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858656 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858657 The ]]> 2018-04-11 18:06:01 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858657 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858677 Probable losses should be disclosed in financial statements for the sake of the users of those statements. The treaty inhibits this. ]]> 2018-04-11 18:06:03 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858677 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858678 I agree with the FASB because the outcome of a trial is not known and thus should be reported as a contingent liability - in case the results are unfavorable. ]]> 2018-04-11 18:06:03 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858678 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858694 I think as a company, the clients’ value are the most important. Do not ever risk it]]> 2018-04-11 18:06:05 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858694 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858836 The pending litigation is not material until it has been concluded or highly likely to be concluded. Therefore, the disclosure of pending litigation should not be included until it's been concluded successfully.]]> 2018-04-11 18:06:21 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858836 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858945 I agree with FASB because all possible losses should be reported (faithful representation) ]]> 2018-04-11 18:06:34 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858945 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858982 Any estimate given by the lawyer could be used against them in court.]]> 2018-04-11 18:06:39 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250858982 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250859145 I agree with the FASB because probable losses should be represented in companies financial statements because it enhances accuracy ]]> 2018-04-11 18:06:54 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250859145 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250859147 2018-04-11 18:06:54 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250859147 https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250859201 So much uncertainty regarding cases, and they are irregular. Requires lawyers to make judgement, which is not their job. Also, hinges on nonneutrality]]> 2018-04-11 18:07:00 UTC https://padlet.com/matt_griffith/3xc8quu1rlge/wish/250859201