DANELE CORPORATION

Danele Corporation

Discuss whether you believe the conclusion reached by Danele to omit disclosure relating to the class-action litigation was appropriate for the year ended December 31, 2005

The ASC (Accounting Standards Codification) number 450 deals with the matter of contingencies, being faced by a company, which can result in profit or loss for the company in present or the future. These include the situation faced by a company involving in lawsuit; the results of the lawsuit can affect the company in some way or the other. This clause says puts the contingency in to three subs -categories, that includes “Probable”, ...