EDGAR (Electronic Data Gathering, Analysis, and Retrieval system) performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (SEC). All publicly traded domestic companies use EDGAR to make the majority of their filings. Form 10-K, which includes the annual report, is required to be filed on EDGAR. The SEC makes this information available on the Internet.

Research Case 13-11 (Static) Researching the way contingencies are reported; retrieving information from the Internet (Part 1)

Required: 1. Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific eight-digit Codification citation (XXX-XX-XX-X) that provides guidance on accounting for contingent losses, and indicate the specific eight-digit Codification citation (XXX-XX-XX-X) citation that describes the guidelines for determining when an expense and liability associated with a contingent loss should be accrued versus only disclosed in the notes.

Accounting for contingent losses: Topic Subtopic Section Paragraph Expense and liability should be accrued versus only disclosed in the notes: Topic Subtopic Section Paragraph