When should a lawsuit be accrued? When the applicable ASC 450 recognition criteria are met.

What does probable mean under ASC 450? Probable means likely; the framework also uses reasonably possible and remote.

How is a loss range measured? Apply ASC 450-20-30-1: use a better estimate within the range when one exists; otherwise accrue the minimum of the range.

Can disclosure be required without an accrual? Yes. Recognition and disclosure are separate assessments.

Are unbilled legal fees the same as a loss contingency? No. Routine legal-service accruals address services received; a loss contingency addresses potential loss from an existing condition or event.

Is a risk budget automatically a GAAP accrual? No. Management planning and ASC 450 recognition serve different purposes.

Does IAS 37 use the same measurement rule? No. IAS 37 has its own recognition and best-estimate measurement framework.