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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.
haley company estimates its sales at 100000 units in the first quarter and that sales will increase by 10000 units each
answer the following truefalse questions1. investment center managers are evaluated on their use of center assets to
Kathy is a self-employed taxpayer working exclusively from her home office. Before the home office deduction, Kathy has $3,000 of net income. Her allocable home office expenses are $5,000 in total. How are the home office expenses treated on her c..
Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating activities under the indirect method.
bellingham suit co. has received a shipment of suits that cost 200 each. if the company uses cost-plus pricing and
Sold 280 shares of sohn corporation common stock for $28.00 per share. the shares were originally purchased on july 11, 2013 for $22.00 per share plus a commission of $62. Central brokerage retained a commission of $72 on the sale and forwarde..
Because of the uncertainty for the future cash flows and the discount rate, we cannot complete the balance sheet if we do have the income statement first. (a) Please discuss for how the uncertainty is related to earnings quality. (b) Can the uncer..
What amount of interest revenue will Big report for 2010 and what amount of cash will Big receive upon maturity of the note?
your evaluation of peachtree complete accounting will be based upon your experience. you will use screen prints to
Determine the amount of the purchase cost to allocate to the land and the amount to allocate to the building.
west palm company engaged in the following transactions involving promissory notes. may 3 sold engines to mittal
deep space co. manufactures one product - spaceship exhaust pipes. it incurs direct materials costs of 1500 per unit.
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