Recognising a loss  LO8 The law in your community requires store owners to shovel snow and ice from the footpath in front of their shops. You failed to do that and a pedestrian slipped and fell, resulting in serious and costly injury. The pedestrian has sued you. Your lawyers say that while they will vigorously defend you in the lawsuit, you should expect to lose $25000 to cover the injured party’s costs. A court decision, however, is not expected for at least a year. What aspects of the conceptual framework might help you in deciding the appropriate accounting for this situation?