FASB ASC 17-1 Disclosure of Loss Contingency and Subsequent event

A company car is in a wreck and the company expects to have to pay a substantial sum to persons who were injured. Search FASB ASC database to determine what type of disclosure, if any, is required under each of the following two circumstances. For each circumstance, cut and paste your findings (citing the sources) and then write a brief summary of what your research results mean, In both cases, assume the companys year-end is December 31.

1. The accident occurred in November.

2. The accident occurred in January of the following year. Financial statements will not be issued until February.