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Accounting Research

A company is preparing $2$nd quarter financial statements on June $30.$ The company$$s year$-$end is December $31.$ The company has been informed of the potential of a suit to be filed against the company related to a price disagreement on a recently completed contract. The company$$s CFO is wondering what obligation the company has in reporting the contingency on the June $30$ financial statements. What guidance is available in the Codification?

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