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Which of the following is false regarding product liability in the European Union according to the European Union product liability directive?
Financial Statement Disclosure
The provision of information in a company's financial statements beyond the basic financial numbers, aimed at giving a complete understanding of the company's financial health.
Lawsuit Loss
Financial loss recognized by a company due to legal judgments or settlements in lawsuits.
Reasonably Possible Loss
A loss that is not assured but has a good chance of occurring, requiring disclosure in financial statements if quantifiable and material.
Losses Accrued
Expenses that have been incurred but not yet paid or recorded in the financial statements.
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