A customer has brought a claim against an ABC Limited Entity associated with personal injury while using
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Question:
A customer has brought a claim against an ABC Limited Entity associated with personal injury while using one of the entity's products. The entity's lawyers estimate from experience that as of the reporting date (December 31, 2017) the entity has a 30 percent probability that it will be ordered to pay the client compensation of $2 million and a 70 percent probability to be ordered to pay compensation of $300,000. The ruling is expected to take place within two years.
Discuss how ABC Limited should treat this case in its finances.
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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