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Calculate the provision for relocation costs

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Reference no: EM132696203

Problem - In May 2019, Savoir Ltd relocated an employee from head office to an office in another city. As at 30 June 2019, the end of Savoir Ltd's reporting period, the costs were estimated to be $32,000. Analysis of the costs is as follows:

Costs for shipping goods $3,100

Airfare 4,600

Temporary accommodation costs (May and June) 3,000

Temporary accommodation costs (July and August) 9,000

Reimbursement for lease break costs (paid in July; lease was terminated in May) 2,000

Reimbursement for cost-of-living increases (for the period 15 May 2019 - 15 May 2020) 16,800

Calculate the provision for relocation costs for Savoir Ltd's financial statements as at 30 June 2019. Assume that AASB 137/IAS 37 applies to this provision and that the effect of discounting is immaterial.

Reference no: EM132696203

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