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Is an obligation at december for either of lawsuits

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Reference no: EM132885404

The criteria referred to above mean that a provision can only be recorded in an accounting period if a liability has been triggered at the year­end.

For example; Jones Ltd's year­end is 31 December 20X7. In November 20X7 they fire an employee. In February 20X8 a customer slips on their premises and breaks their arm.

Question 1: In March 20X8 both the employee and the injured customer Sue Jones Ltd; the former for unfair dismissal and the latter for compensation for injuries suffered on Jones' premises. Is there an obligation at 31 December 20X7 for either of these lawsuits?

Reference no: EM132885404

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