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? Select answer from the options below The amount is significant so a provision should be set up to cover any loss. It is highly unlikely the company will lose so it does not have to be reported. 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.