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Critically assess the following cases within the context of the IAS 37 requirements for provision accounting.
(a) Company A offers a one year warranty for the products that it manufactures. Yearly revenue subject to product warranties amounts to €3 000 000. In past years between 1 per cent and 3 per cent of the products proved defective. Defective products are replaced.
(b) Company B produces and sells phosphate fertilizers that are used to grow grains. The process of extracting the raw materials from the land the company owns, has a major impact on the natural environment. At balance sheet date, estimates of environmental remediation costs amount to €5 000 000.
(c) A law suit claiming damages has been filed against company C. The company foresees a reasonable possibility of losing the law suit. The company's legal advisers have estimated potential settlement costs at €350 000.
(d) Company D runs an airline. The company is required by law to overhaul its aircraft once every three years. The future maintenance costs are estimated at €2 500 000.
A young man meets a wonderful girl in his senior year in college. He believes this is the one that he might marry in the future. He is deeply in love with her. He has a problem. After leaving the constraints of parental authority at home, he went ..
Determine the total deductions in calculating taxable income related to the machine for 2011 assuming Glory has taxable income of $500,000.
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nova manufacturing applies factory overhead to products on the basis of direct labor hours. at the beginning of the
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please provide a substantive response at least two paragraphs of 6-8 sentences each to the following questionprovide
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c owns 60 shares and d owns 40 shares of z corporation representing all of zs outstanding shares. c and d are unrelated
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