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Problem - How do the all events and economic performance requirements apply to the following transactions by an accrual basis taxpayer?
a. The company guarantees its products for six months. At the end of 2019, customers had made valid claims for $600,000 that were not paid until 2020. Also, the company estimates that another $400,000 in claims from 2019 sales will be filed and paid in 2020.
b. The accrual basis taxpayer reported $200,000 in corporate taxable income for 2019. The state income tax rate was 6%. The corporation paid $7,000 in estimated state income taxes in 2019 and paid $2,000 on 2018 state income taxes when it filed its 2018 state income tax return in March 2019. The company filed its 2019 state income tax return in March 2020 and paid the remaining $5,000 of its 2019 state income tax liability.
c. An employee was involved in an accident while making a sales call. The company paid the injured victim $15,000 in 2019 and agreed to pay the victim $15,000 a year for the next nine years.
Using IFRS, how would you show a large loss from a volcao? Where would it post on the income statement and how?
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