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Discussion 1: CURRENT LIABILITIES

Contingent liabilities present certain problems and opportunities for companies. You have been asked to help prepare the company's annual report and a lawsuit has been brought against the company for $50 million. Your company counsel has indicated that the claim of liability may be questionable; however, if your company is determined to be liable, the amount sued for may or may not be reasonable. The question is then, what information should you include in your annual report and why?

Discussion 2: WARRANTIES, PREMIUMS AND COUPONS

Class, based on your study of chapter 13 of text book, FASB Codification research and your research on Internet, discuss how a company should account for warranty cost? What are premiums and coupons as issued by a company? How do you measure and account for the cost of premiums and coupons?

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