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Explain the potential damages receivable for company a

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Reference no: EM132990240

Question - Company A is suing Company B for $500,000 in relation to a breach of copyright. Company B produced designer clothes identical to those for which Company A holds legal rights, without permission and without paying Company A for permission to use the designs Legal experts have advised Company A that it has a strong case and that there is a 50% likelihood that Company B will be required to pay damages, although these are estimated at $400,000.

Explain whether the potential damages receivable for Company A would meet the definition and recognition criteria of an asset, applying the principles in the Proposed Framework (2018 Conceptual Framework).

"Recent changes in lease accounting with damage businesses who lease assets." Required: discuss and evaluate the above statement, referring to relevant standards where appropriate.

Reference no: EM132990240

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