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should provision for fines be made in this case?kaplan answer says provision should be made but in the scenerio they havent given anything related to probabilty that the company would breach it and has to pay fine
scenerio
The company is committed to meeting the expanding climate change regulations of its jurisdiction relating to emissions. If a company does not meet the jurisdiction’s climate-related targets, then fines
are imposed by the government for this failure.here it doesnt say that it is breaching so there is no present obligation has result of past event abd no probable outflow
but kaplan answer says-
Juan Co may have to make a provision for potential fines imposed by
governments for failure to meet climate-related targetsIf you have broken the law – you must recognise a provision
If you have not broken the law – you must not recognise a provision
It depends whether they have breached the targets in the past – it should be a YES or a NO – there’s no probability about it.
Either I DID punch someone on the nose or I DID NOT (hypothetically)
🙂
(In writing your posts there is no need to state question name as I have no access to Kaplan materials)
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