Diver Corp. follows IFRS. Below are independent situations:

1. During 2017, a factory worker was injured. The accident was partly the worker’s fault, and partly Diver’s fault. The employee has sued Diver Corp. for $600,000. The corporation’s legal counsel believes it is possible that Diver Corp. will lose the lawsuit. If they lose, the estimated loss is $150,000 to $400,000.

2. During 2017, Diver was sued for $2,500,000. The plaintiff is alleging breach of contract, and Diver’s legal counsel believes an unfavourable outcome is more likely than not. A reliable measurement of the award to the plaintiff is between $600,000 and $1,800,000.

3. During 2017, Diver sued another company. The corporation’s legal counsel believes it is likely that Diver will be awarded damages of $900,000.

Answer rating: 100% (QA)

ANSWER 1 NO Entely As Peu IfRS when there is an Evera ... View the full answer