Note 1: Nature of Operations and Summary of Significant Accounting Policies Back To Table of Contents: Contingent Liabilities (Policies)

12 Months Ended

Dec. 31, 2016

Policies

Contingent Liabilities

Contingent Liabilities

F-33

Management applies the guidance in ASC 450-20-25 when assessing losses resulting from contingencies. If the assessment of a contingency indicates that it is probable that a loss has been incurred and the amount of the liability can be estimated, then the Company would record an accrued expense in the Company’s financial statements. If the assessment indicates that a potential loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss, if determinable, is disclosed.

Loss contingencies considered to be remote by management are generally not disclosed unless material or they involve guarantees in which case the guarantee would be disclosed.