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Bookmark or Share- Recurring Issues In Accounting For Litigation Contingenciesnot to record a litigation reserve for a potential breach of contract claim, the company should be cautious of providing (in form or substance) an attorney’s analysis if it was prepared before any reasonable expectation of litigation.
- Accounting for Litigation Contingencies - Skadden, Arps, Slate, Meagher ...In gen-eral, the work-product doctrine shields materials prepared in anticipation of litigation, absent a show-ing of substantial need by an adverse party. Courts have adopted various formulations of the standard for determining whether materials were prepared in anticipation of litigation, including whether materials were prepared “because ...
- Top 10 Issues To Consider When You Are Sued: Issue #8: Disclosing ...Under Accounting Standards Codification, Topic 450-20, “Loss Contingencies” (ASC 450-20) (formerly Financial Accounting Standard No. 5 (FAS 5)), a company must create a litigation loss reserve...
- In Search of Consistency in Insurance Claims Handling: Discovery of ...Setting reserves is a method of managing litigation in which attor-neys, claims adjusters and/or line personnel compile their mental impressions and opinions concerning the substance of the litigation as well as the cost of litigation.
- Top 10 Issues to Consider When You Are Sued: Issue #8: Disclosing ...Litigation reserves should be determined on a case-by-case basis and should not be created for general future litigation costs and expenses. Tip 6: Periodically reassess pending and threatened litigation to determine the adequacy of reserves.
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