rsm220 case draft

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Department
Rotman Commerce
Course
RSM220H1
Professor
Dragon Stojanovic
Semester
Fall

Description
ISSUE 3 PresidentLawsuit The major issue falls in the presentation part of the conceptual framework here Alternative 1 Record it and make a Provision Since LSL is investigating the claim of overstated net income and to date has not found anything that indicates a material misstatement therefore it is probable that the company might lose the case According to IAS 3713 provisionswhich are recognised as liabilities assuming that a reliable estimate can be made because they are present obligations and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligationsBased on these principles a provision can be created to account for the lawsuit expense because the loss is probable and the company will be obl
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