Does a liability for replanting exist

Assignment Help Financial Accounting
Reference no: EM132647219

Discuss whether the following items would meet the definition of a liability using the criteria currently in place under IFRS. If so, explain with reference to the appropriate criteria.

Question a) Environmental remediation when a chemical spill has occurred. This spill has violated an existing law and statute. Does a liability for cleanup exist?

Question b) Environmental remediation after a chemical spill has occurred. No existing law or statute has been broken. Does a liability for cleanup exist?

Question c) As part of its contract with the government, a logging company must replant one tree for each tree it cuts. Does a liability for replanting exist?

Question d) A logging company has a corporate policy of always replanting trees and advertises this fact in its corporate and marketing brochures. Does a liability for replanting exist?

Question e) An airline collects cash for tickets issued for future charter flights to exotic locations.

Reference no: EM132647219

Questions Cloud

Stock option plan to the shareholders : The CEO of a small bank proposed a plan to offer each of its employees 250 incentive options. How would you defend the stock option plan to the shareholders?
How much of a gain or loss will experience in the value : Value and holds it for exactly 3 years, at which time the required return is 7.0%, how much of a gain or loss will she experience in the value of the bond
Discuss impacts of general environment on market : Introduce the company and discuss the impacts of general environment on the market and the industry of the company.
Does a liability for cleanup exist : Environmental remediation after a chemical spill has occurred. No existing law or statute has been broken. Does a liability for cleanup exist?
Does a liability for replanting exist : As part of its contract with the government, a logging company must replant one tree for each tree it cuts. Does a liability for replanting exist?
Calculate percent error for method average value : Calculate the percent error for this method's average value. The actual density for aluminum is 2.702 g/mL. The 3 measurements
Find how have number change over the three years : Find How have number change over the three years and what could be some reason why these numbers have changed the way they have?
Calculate the gain or loss on the withdrawal of the bonds : If the company withdraws them in the amount of $ 43 million after five years until the bonds mature, calculate the gain or loss on the withdrawal of the bonds
Find effect on the overall rate : A group of students is assembling a 20 pages document for mailing. There are 50 copies of each typed pages in separate stacks.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculation of a cost charged to a projectthe logistics

calculation of a cost charged to a project.the logistics department serves two operating divisions-an atlantic division

  How long will take to pay the house off

And you will make a 20% down payment and get a 3.5% APR on your mortgage, how long will it take to pay the house off (rounded to the nearest year)?

  Analyze the financial statements of abc corp at the end

analyzing the financial statements of ABC Corp. at the end of fiscal 2005. You notice that during the year they made a major acquisition.

  Prepare direct material budget

The product sells for $100 per unit, variable expenses are $30 per unit, and fixed expenses are $1,500 per month. The finished product requires 3 units of raw material and 10 hours of direct labor.

  How accounting books manipulated

You should mainly focus on accounting side of the scandal. Worldcom scandal,What were results of the collapse?How accounting books manipulated

  What would have happened if the banks had failed

12 out of the 13 largest US banks were on the verge of bankruptcy. Due to securitization, what would have happened if these banks had failed?

  Assuming appropriate procedures are performed

Classify each of the following based on whether they can be performed at an interim date (assuming appropriate procedures are performed during the roll forward period) or whether they must be performed at or after the fiscal year end. Design effectiv..

  Illustrate total cost to be accounted

During the month, the cost of units transferred out from the dept. was $460,000. In the departments cost reconciliation report for April, the total cost to be accounted for would be?

  Find how much in dividends did the firm pay to shareholders

Del-Castillo Inc., The previous retained earnings were $910 million. How much in dividends did the firm pay to shareholders during the year?

  Prepare an analysis to show which alternative makes

Prepare an analysis to show which alternative makes the best use of Sharp Image's factory space - could be used to manufacture another product with a contribution margin of $75,000.

  Prepare a schedule of cash disbursements for the quarter

Prepare a schedule of cash receipts for the first quarter, prepare a schedule of inventory purchases for the first quarter and prepare a schedule of cash disbursements for the first quarter.

  Equivalent of the value of the assets

In exchange, Hazel received 50% of Starling Corporation's only class of stock outstanding. The stock has no established value. However, all parties sincerely believe that the value of the stock Hazel received is the equivalent of the value of the ass..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd