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Determine how the company presents or discloses the case

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The following events are related to legal litigation cases in companies when preparing financial statements. Determine how the company presents or discloses the case in its financial statements!

1. Children's toy products produced by PT Seruni have proven to be incompatible with the standards. Consequently, the toy product must be withdrawn from the market and the government has issued a warrant for withdrawal of the said item. The withdrawal caused PT Seruni to suffer a loss of Rp 1,000,000,000.

2. PT Utama Manufacturing has been proven to have committed tax violations. The consequence of the violation is that PT Utama Manufacturing must pay a fine. The latest development related to the case states that the amount of the fine can still be estimated in the form of a range of figures from Rp 250,000,000 to Rp 400,000,000

3. PT Mandira receives an Underpayment Tax Assessment Letter. Based on this provision the company must pay a tax deficit of Rp. 600,000,000. For the underpayment of the tax assessment letter, the company filed an objection. However, as of the reporting date, the response to the objection has not been received

4. PT Arena is undergoing a legal case related to illegal logging in an area in Sumatra. Currently the case is in the stage of in-depth study including the search for strong evidence to be able to determine PT Arena has carried out illegal logging.

Reference no: EM132571850

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