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At 31 August 2017,ZIMASCO Pvt Ltd was being sued by an employee for an industrial accident to the tune of $50 000. The company at this date being the year end recognized a provision in respect of the lawsuit charges. In December 2017 the case was dismissed without the right to appeal. In February 2018 ZIMASCO undertook a vigorous sales promotion campaign costing $50 000 and the accountant made to charge the expense against the provision for lawsuit made earlier.Show the correct treatment according to IAS37
There is no point in simply typing out a test question and expecting me to provide an answer!!
You must have an answer in the same book in which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain.I do assume that you have watched my free lectures on IAS37 ? The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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