The company found that one type of TV sold in 2019 had defects. The company sent a press release informing that is going to repair the TV. The company estimates a total cost of $300,000 for the repairs in 2019. The clients have not filed any claim. The company estimates that there is more likely than not that the total payment for repairs will be $2,500,000 after the press release in 2019. How the Company reports this transaction using IFRS? / US GAAP?

Answer rating: 100% (QA)

Answer Here there are two payments estimates involved firstly the cost of ... View the full answer