The board of directors of Launceston Ltd met in June 2023 and decided to close down a branch of the company’s operations when the lease expired in the following February. The chief financial officer advised that termination benefits of \($2\) million are likely to be paid.

Required 

Advise the company’s accountant whether the company should recognise a liability for termination benefits in its financial statements for the year ended June 2023. Explain your advice with reference to the requirements of AASB 119/IAS 19.