Archaic Manufacturing plc has a freehold factory which has been used to make the company's heavy metal
Question:
Archaic Manufacturing plc has a freehold factory which has been used to make the company's heavy metal products for generations. The factory was revalued ten years ago and is being depreciated over 50 years from that value. The company made a product for many years which has now been shown to be toxic and legal actions against the company have been expected. No mention occurs in the financial statements of these possible actions.
Discussion
– What are the assertions relevant to these matters?
– What kind of evidence might be collected?
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