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What would be the amount that final day would record

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A lawsuit has been filed against Final Day Company. As year-end, the company's attorney believes that there is a 64% likelihood that the company will be found liable. The attorney believes that the estimated range of the liability is between $250,000 and $400,000 and that all amounts within the range are equally likely.

  • Unrelated to this lawsuit, the company has settled an insurance claim before year-end in the amount of $71000 The company will receive the money subsequent to year-end.

Problem 1: What would be the amount, if any, that Final Day would record on the balance sheet related to the lawsuit under IFRS and US GAAP?

Problem 2: What amount, if any, would Final Day record related to the insurance settlement under IFRS and US GAAP?

Reference no: EM132807755

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