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What is the balance for the restructuring provision

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Reference no: EM131105975

1. Hong Kong Trading Co. (which uses iGAAP) is in the midst of a multi-year operational restructuring. It reported the following information in its 2010 annual report (amounts in $, in millions): Restructuring provision balance at 1 January 2010, $135; provisions made in the period, $275; and unused amounts reversed, $22. Respond to the following: 

(a) What is the balance for the Restructuring Provision at 31 December 2010? 
(b) How did the reversal of unused amounts affect net income? 
(c) Briefly discuss how the accounting for the restructuring provision can be used for earnings management. 

Reference no: EM131105975

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