Legal action has been taken against Opal Ltd by one of its customers for $20,000 for negligence. The court case is still ongoing at the end of the current financial year, however, Opal's lawyers have advised that it is very likely they will lose the case. Required: Should Opal Ltd recognize a liability for this event at the end of the financial year? Justify your answer by reference to the definition and recognition criteria contained in the Conceptual Framework (4 Marks)