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What amount should be recognition in target statement

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Question 1: Target is preparing its financial statements for the year ended 30 June 2020. Target is facing a number of legal claims from its customers with regards to a faulty product sold. The total amount being claimed is $3.5 million. Target's lawyers say that the customers have an 80% chance of being successful. According to IAS 37 Provisions, Contingent Liabilities and Contingent Assets, what amount, if any, should be recognition in respect of the above in Target's statement of financial position as at 30 June 2020?

Reference no: EM132563101

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