In each of the following scenarios, explain whether or not company G would be required to recognise

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In each of the following scenarios, explain whether or not company G would be required to recognise a provision.
(a) As a result of its plastics operations, company G has contaminated the land on which it operates. There is no legal requirement to clean up the land and company G has no record of cleaning up land that it has contaminated.
(b) As a result of its plastics operations, company G has contaminated the land on which it operates. There is a legal requirement to clean up the land.
(c) As a result of its plastics operations, company G has contaminated the land on which it operates. There is no legal requirement to clean up the land, but company G has a long record of cleaning up land that it has contaminated.
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Applying International Financial Reporting Standards

ISBN: 978-0730302124

3rd edition

Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise

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