give your opinion from the financial accounting perspective. ( You may refer to an appropriate accounting principle.) .Assume a financial year from 1st January -31st Dec 2022. Calvin Chemical Company faces possible expropriation (i.e. takeover) of foreign facilities and possible losses on sums owed by various customers on the verge of bankruptcy. The Company President has decided that these possibilities should not be noted on the financial statements because Calvin still hopes that these events will not take place