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The organization is also involved in a lawsuit. The case is with the Environment Protection...

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Accounting

The organization is also involved in a lawsuit. The case is with the Environment Protection Agency EPA. The EPA sued the company for$2,000,000 in damages. The lawsuit claims that the organization illegally dumped harmful chemicals in an area that polluted the residents water supply. The lawsuit is not expected to be resolved for at least 2 years. Greenfield's attorneys believe it is possible that the company could lose the case. 


1. Discuss the organization ethical duty on reporting loss contingencies in the financial statements. 


2. Discuss ethical problems that could exist with valuing the liability.                                                                                       


3. What are the legal disclosure requirements for the company?

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