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How do these requirements change under ifrs

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Question: Company Y lost a court case in September 2020. The verdict mandated Company Y pay damages in the amount of $10 million. As part of the accounting team at Company Y, you are tasked with appropriately recording this event in the company's accounting records. Write a memo to management explaining the outcome of the litigation and possible accounting treatment for it. Be sure to explain what a loss contingency is and discuss whether it should be reported, disclosed or reported and disclosed in the company's financial statements under US GAAP. How do these requirements change under IFRS?

Reference no: EM133553860

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