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Explain the proper accounting treatment and disclosure

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Problem 1: On October 4, 2019, a lawsuit for breach of contract seeking damages of $1,000,000 was filed by an designer against Slick Corp. Slick's legal counsel believe that the outcome will be unfavourable and would result in Slick paying $700,000 for damages. Discuss the proper accounting treatment and disclosure requirements for Slick under IFRS.

Reference no: EM132826176

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