Researching Original FASB Standards Using the FASB website, locate the original (superseded) standard FASB Statement No. 5, Accounting for Contingencies (as amended). In approximately one paragraph, describe when accrual of a loss contingency is required by this standard, and cite the FASB standard and paragraph number that provides this guidance. State also which disclosures must accompany loss contingency accruals. Finally, considering the background of this project described in Appendix B, was there uniform guidance for contingency accounting available prior to this standard? What committees or agencies, at that time, participated in establishing accounting guidance? Explain. 1.3