Describe briefly the accounting standards guidance, as summarized by the SEC, re- lated to recognition and disclosure of a loss contingency.
Both transaction-related and balance-related audit objectives include objectives related to presentation and disclosure. Visit the website of the United States Securities and Exchange Commission (SEC) and locate the Accounting and Auditing Enforcement Release (AAER) No. 3850 issued on January 18, 2017 against General Motors (GM). a. What was the problem with GM products that led […]