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How would record the under ifrs and usgaap

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Reference no: EM132508519

Question 1. At year end 2019, the company thought the water bill would be $500 but in Jan 2020, the company received bill showing $600. Since 2019 accounts have been published, is it late to correct the $100?

Question 2. A company's legal advisors seem to think XYZ will eventually receive $2m from the first case but will have to payout $1.5m to the plaintiffs in the 2nd case

Question 3. A company buys machine for $90 (Expected life 4years with $10 scrap value). Beginning of yr3, market value of machine is $30. How would you record this under IFRS and USGAAP.

Reference no: EM132508519

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