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Select the factor which is not considered during an assessment of whether to record a liability...

Select the factor which is not considered during an assessment of whether to record a liability for pending litigation.

Capability to generate a reasonable estimate of the amount of the loss
The period in which the underlying cause of action took place
Probability of an unfavorable outcome
The type of litigation involved
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Answer #1

The correct answer is "The type of litigation involved."

The reasonable estimate of loss that may occur due to unfavorable outcome of litigation is necessary to record the liability. The probability of unfavorable outcome is required as the liability is to be recorded only if it is more than likely that outcome shall be unfavorable. The period of cause of action is required because liability is to be recorded in the period in which the cause of action took place. The type of litigation is irrelevant as the amount and likeliness of outcome is more necessary.

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