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Contamination of land by an oil company where there is no current law to clean up but at year-end it is virtually certain that the law will be enacted shortly
How does this meet the present obligation criteria for provision. I mean we have an obligation only when the law is enacted right?
No! Wrong!
We have a LEGAL obligation when required to do something by law
But we have a CONSTRUCTIVE obligation when we are, as a result of our past actions and reputation, expected to do something
All is made clear in the provisions and contingencies lecture – have you watched it?
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