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Critically assess the following cases within the context of the IAS 37 requirements for provision accounting.
(a) Company A offers a one year warranty for the products that it manufactures. Yearly revenue subject to product warranties amounts to €3 000 000. In past years between 1 per cent and 3 per cent of the products proved defective. Defective products are replaced.
(b) Company B produces and sells phosphate fertilizers that are used to grow grains. The process of extracting the raw materials from the land the company owns, has a major impact on the natural environment. At balance sheet date, estimates of environmental remediation costs amount to €5 000 000.
(c) A law suit claiming damages has been filed against company C. The company foresees a reasonable possibility of losing the law suit. The company's legal advisers have estimated potential settlement costs at €350 000.
(d) Company D runs an airline. The company is required by law to overhaul its aircraft once every three years. The future maintenance costs are estimated at €2 500 000.
At the end of the year, 20% of the goods were still in X-Beams' inventory. Kent's reported net income was $300,000. What was the noncontrolling interest in Kent's net income?
Are capital assets recorded in Capital Projects Funds? Why or why not?
Create a complete Communications Plan with an accompanying PowerPoint presentation for key stakeholder group(s). The Communications Plan should focus on a specific project or initiative to be implemented or event to be managed
what is the sarbanes-oxley act of 2002 sox has emphasized the importance of ethical behavior and codes of conduct.
Analyze the impact to CPAs who practice within a very litigious environment in the U.S. Suggest what you believe to be the most effective way for CPAs to protect themselves from liability.
Blue Highway Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2007,at a cost of $120,000. Over its 4-year useful life, the bus is expected to be driven 160,000 miles.
On January 11, 2010, the Hughes Company applied for a tradename. Legal costs associated with the application were $20,000. In January 2011, the company incurred $8,000 of legal fees in a successful defense of its tradename. The tradename was not impa..
on january 6 gramke co. sells merchandise on account to colt inc. for 8000 terms 110 n30. on january 16 colt pays the
Mike Barr was an outstanding football player in college and expects to be drafted by the NFL in the first few rounds. Mike has let it be known that he would prefer to sign with a club located in Florida, Texas, or Washington. Mike sees no reason w..
the rodgers company makes 27000 units of a certain component each year for use in one of its products. the cost per
Prepare a statement of cash flows. Assume All Star Automotive had a beginning cash balance of $9,000.
For each of the following kinds of wage payments, indicate whether or not the wages are exempt from the withholding of federal income taxes: Three weeks' vacation pay. Weekly advance to a sales representative for traveling expenses to be incurred.
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