Please respond to the person Discussion below. 150 words 1 reference Apa format
Board of Directors,
I understand that we had a recent incident where our surgeon accidently left behind a tool of his in our patient’s body during an operation. I am here today to explain what impact this will have on our financial statement. So there are essentially two options we have, either we must accrue for this possible expense as a liability on our financials, or we could simply create a disclosure footnote for the time being (the better suited option). I will now explain the three factors that will help us decide how we must account for this. First, if this incident happened before the financial statements date (during the current year fiscal reporting period), then that is one condition that must be met for the event to be accrued. The second is if this incident and the contingent loss and expenses can be reasonably estimated, and the third is how probable it is that the contingency will come to fruition and be a true realizable expense. If all these are satisfied, we must accrue for the liability based off the nature of the expense. If we have insurance for these types of matters, we can present it as an insurance type expense. If the patient and his family did not express they would be filing a lawsuit, we would not have to make a disclosure if those three accrual based criteria were not met, but since it seems probable that they would make such a claim eventually, to be safe and not misleading, we must at least make a disclosure on our financials. In that case, we must explain the nature of the contingency and attempt to provide an estimate or provide a number range of where the damage figures would lie, and perhaps we must contact our actuary for these estimates and ranges.
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