The Overview of Changes contains detailed descriptions of the changes and links to the appropriate sections of the Manuals. Please refer to the Alerts and Changes tab for determining which revisions might affect your 2020 annual reporting.
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The 2019 Budgeting, Accounting and Reporting System (BARS) update for entities that report using generally accepted accounting principles (GAAP) has a new section on accounting for “contingencies and litigations,” and we encourage you to check it out. It includes a comprehensive chart that will help financial statement preparers more quickly assess potential accounting and disclosure requirements. It also includes guidance on how to handle expected insurance recoveries related to a contingent liability.
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