A large oil and gas company is being sued for $100 million by a landowner for environmental damage to his property. To date, no landowner has been successful in these types of lawsuits. Should this be reported, disclosed or NOT reported? O It is highly unlikely the company will lose so it does not have to be reported. The amount is significant so a provision should be set up to cover any loss. O The amount can be reasonably estimated so this should be recorded as a provision. It is likely the company will not lose, but the amount is significant so it should be disclosed in the notes to the financial statements. Save for Later Submit Answer