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ACC306 - ACC 306 - Week 1 DQ2 - Judgment Case 13-9 - Intermediate Accounting I - AUJudgment Case 13-9 - Valleck Corporation - Loss contingency and full disclosure ? LO5 LO6In the March 2012 meeting of Valleck Corporation's board of directors, a question arose as to the way a possible obligation should be disclosed in the forthcoming financial statements for the year ended December 31. A veteran board member brought to the meeting a draft of a disclosure note that had been prepared by the controller's office for inclusion in the annual report. Here is the note:On May 9, 2011, the United Stat

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