please go through the sample, and try to beat the quality please
REQUIRED:
1) Establish whether the amount being sued meets the definition and the recognition criteria for a liability. Justify your answer, making reference to the Conceptual Framework and AASB137 Provisions, Contingent Liabilities, and Contingent Assets.
2) Explain how the two companies should have accounted for the on-going lawsuit according to AASB137 Provisions, Contingent Liabilities and Contingent Assets in 2012, 2013, and 2014. Justify and support your answer.
3) Making reference to the 2012, 2013 and 2014 Annual Financial Report of Apple Inc and Samsung Ltd, how have the accountants disclosed and included in the financials the impeding lawsuit.
4) Discuss whether the treatment on the financial reports was similar or different to what you have indicated in (2) with reference to the treatment required by AASB 137 Provisions, Contingent Liabilities, and Contingent Assets. If there is any difference, identify the reason for such difference.
5) Critically discuss the validity of the following statement, and in particular, compare your arguments to what you have examined in (2) and (3):
“The disclosure in the notes required by accounting standards is a waste of time, efforts and money. What is really important are the statements and the main performance figures and ratios.”
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