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You have recently been hired as the Controller for a large publicly-traded company that has experienced significant operating losses for the past few years, which

You have recently been hired as the Controller for a large publicly-traded company that has experienced significant operating losses for the past few years, which has caused a sharp decline in the companys stock price. The CFO has asked you to prepare a memo (about 1 page) to discuss the following topic:

  • Currently, the company records all contingent liabilities regardless of the facts and circumstances of each situation. Explain whether this is appropriate, how should contingent liabilities be recorded, and how could a company manipulate contingent liabilities to its advantage?

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