> Decision Making Discussion 8 This is a graded discussion: 20 points possible due Reb Decision Making Discussion How should the contingency be reported? Emily Gallagher is the independent auditor of Tate Manufacturing, a maker of handheld drills and other carpentry tools. Emily is evaluating current lawsuits for the company to determine whether any contingent liabilities should be disclosed. Tate manufacturing is currently in litigation for a product liability case. The suit claims that a Tate handheld drill heated up quickly and caused a fire. Tate's attorney has told Emily that it is likely that the manufacturer will lose the case, but he does not want to estimate the amount of damages. The attomey is concerned that estimating the amount of damages would establish a dollar amount for settlement and could place their case in jeopardy. What should Emily do? What would you do? Is there any GAAP requirement to support your case? Search entries or author Unread 2 E Reply Replies are only visible to those who have posted at least one reply Previous Next