Listed are 3 items that may or may not require disclosure in footnotes that accompany financial statements. Explain each case, explain what, if any disclosure is required under generally accepted accounting principles. Explain your reasoning.

The management of Soft Systems believes that the company has developed systems software that will make Windows virtually obsolete. If they are correct, the company's profit could increase by 10-fold or more.

Shortly after the balance sheet date, but before the financial statements are issued, one of Coast Foods's two processing plants was damaged by a tornado. The plant will be out of service for at least three months.

One of the most popular artists at Spectacular Comic is leaving the company and going to work for a competitor.