ACC 541 Week 4 Learning Team Assignment Response to Client Request IIYour client is being sued. You have asked the client’s lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to his or her financial statements. The client has also informed you that by losing the lawsuit, he or she anticipates losing the mortgage and has started talking to a mortgage lender. The client wants to know if part of the debt is forgiven, or if the mortgage is rewritten, or if the mortgage will be rewritten if he or she files Chapter 11.The lawsuit also involves a patent held by the company. The company had acquired a hedge contract against the impairment of the patent. Aside from the recovery of the hedge, the client wants to know how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit.Conduct research in FASB individually to answer your client’s questions.Write a 700- to 1,050-word memo as a team that is brief but fully explores the issues. Include the following in your memo:Report requirements for contingencies and describe what would happen to the financial statements if the client loses the lawsuit.Describe whether the client’s debt is forgiven if the mortgage is rewritten, or if their mortgage will be written if they file Chapter 11. How will the reporting on the financial statement be determined?Describe how the impairment of the patent will be reflected on the financial statements in the event of losing a lawsuit. ACC 541 Entire CourseACC 541 Week 1 Individual Assignment Accounting Standards Boards PaperACC 541 Week 2 Individual Assignment Client Understanding PaperACC 541 Week 3 Individual Assignment Response to Client Request IACC 541 Week 4 Individual Assignment Response to Client Request IIACC 541 Week 5 Individual Assignment Reporting PaperACC 541 Week 6 Team Assignment Auditing a Publicly Traded Company Follow this link to get a similar paper written from scratchPlace an order for this assignment or any other paper with us. We guarantee that the paper will be delivered within the specified deadline. We also have a personalized customer support and you will be able to communicate with your writer throughout the order preparation process. Thank you for choosing us.
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