Solution-Should thanos ltd recognize a liability for the

Should thanos ltd recognize a liability for the event

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Reference no: EM132551209

Thanos Ltd has been sued $20,000 for negligence. The court case is still ongoing at the end of the current financial year, however, Thanos' lawyers have advised that it is very likely it will lose the case.

Question 1: Should Thanos Ltd recognize a liability for this event at the end of financial year? Justify your answer by reference to the definitions and recognition criteria in the Conceptual Framework.

Reference no: EM132551209

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Should thanos ltd recognize a liability for the event

Reference no: EM132551209

Reference no: EM132551209

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