1.Northridge Hospital is an investor-owned, for-profit hospital. The hospital maintains its financial records on a calendar year. In February, after the end of the latest fiscal year, but prior to the date of the release of its financial statements for the year, Northridge suffers a fire that causes the closure of one of the patient wings. Repairs will take a minimum of 90 days to complete to allow the wing to be reopened. Which accounting principle requires that this event be disclosed in the hospital's financial statements?