What type of disclosure or accounting is necessary for each of the following items? (a) Because of
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(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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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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