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Accounting for loss contingency Essay Sample

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Accounting for loss contingency Essay Sample

Accounting for a Loss Contingency for a Verdict Overturncd on Appcal M International (“M”) and W hrc. (“W,” a competitor of M) have been engaged in longstanding litigation over a specific patent infringernent matter. Below is a summary timeline of specific events that have taken place related to this matter:

May 2001,W filed a claim against M for patent infringement.

For the year ended December 31,2007 , manageilent of M detelnined that a loss for this matter was probable and represented that the estimate ofloss was in the range of $15 million to $20 million, with $17 million being the most likely amount of loss within the range.

A jury trial took place in September 2009.

Thejury reached a veldict on September 24,2009, and ajudgment was ordeled in favor of W. The judgment required M to pay W $18.5 rnillion. In November 2009, M

Notice of Appeal with the Court of Appeals.

In December 2010, the Court of Appeals issued a ruling in favol of M’s appeal

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