Question: Using the information in Judgment Case 1 and assume that Generics, Inc. reports under IFRS. 1. Do you think Generics should accrue the contingency, only

Using the information in Judgment Case 1 and assume that Generics, Inc. reports under IFRS.
1. Do you think Generics should accrue the contingency, only disclose the contingency, or not report the contingency at all in its December 31, 2014, financial statements?
2. How should it report the contingency at December 31, 2015, if at all?
3. How should it report the contingency at December 31, 2016, if at all?

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