Under IFRS, if a company can determine a reasonable estimate of an expected loss from a lawsuit and it is probable it will lose the suit, it should pay the amount estimated. disclose the basic facts regarding the suit in the notes to its financial statements. neither disclose in the notes nor accrue the loss. accrue the loss. Interest rates on notes and loans are usually stated as a(n) annual rate. semi-annual rate. O monthly rate. daily rate. Which one of the following is not a justification for adjusting entries? Adjusting entries are necessary to enable financial statements to be in conformity with IFRS or ASPE. Adjusting entries are necessary to bring the general ledger accounts in line with the budget. Adjusting entries are necessary to ensure that expense recognition criteria are followed. Adjusting entries are necessary to ensure that revenue recognition criteria are followed