PLEASE HELP! I need the answer tonight.

Question: The likelihood of loss contingencies may be deemed remote, reasonably possible, or probable. If the likelihood of a loss contingency is considered remote, is disclosure required? Explain.

Note: it should be answered by using the FASB Accounting Standards Codification. Provide a proper reference from FASB Codification in proper form: xxx-xx-xx-xx or xxx-xx-xx