As part of a land development for a new housing project, a construction company has polluted a natural lake. Under the Provincial Law, the company has to clean up the lake once the land development is completed (expected within 3 years). Current estimates indicate that it will cost $3.0MM to clean up the lake. Explain if a Disclosure is required, and if so, how it will be disclosed / reported in the financial statements

Answer rating: 100% (QA)

Yes a disclosure is required in this scenario The pollution of the natural lake by the construction ... View the full answer