Question

What type of disclosure or accounting is necessary for each of the following items?
(a) Because of a general increase in the number of labour disputes and strikes, both within and outside the industry, there is more chance that a company will suffer a costly strike in the near future.
(b) A company reports a discontinued operation (net of tax) correctly on the income statement. No other mention is made of this item in the annual report.
(c) A company expects to recover a substantial amount in connection with a pending refund claim for a prior year's taxes.
Although the claim is being contested, the company's lawyers have confirmed that they expect their client to recover the taxes.


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  • CreatedAugust 23, 2015
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