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Instead expense will be recognized when we actually pay

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The board is also concerned with the frequent variances in the amount of warranty expense that was initially recognised compared to the actual cost of warranty the company paid/incurred to fix/replace the faulty products. Therefore at the most recent board meeting it was agreed to stop recognising the warranty expense before the warranty cost is actually incurred. Instead expense will be recognised when we actually pay for these warranty repairs/replacements. This way we won't have to deal with all these variances.

Reference no: EM131715427

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