ABC Corp. (ABC), which operates in the oil industry, is a US subsidiary of a UK entity that prepares its financial statements in accordance with IFRS in reporting to its parent and US GAAP for reporting to its US based lender. ABC’s operations sometimes result in soil contamination. ABC cleans up this contamination when required to do so under the laws of the particular country in which it operates. One country in which ABC operates has no legislation requiring cleanup, and ABC has inadvertently contamined land in that country in prior years. As of December 31, 2020, it is virtually certain that a draft law requiring a cleanup of land already contamined will be enacted, but not until shortly after the year end.
Required: Should ABC recognize a provision as of December 31, 2020, in reporting to its UK parent under IFRSs and in reporting to its US based lender in accordance with US GAAP
Según FASB Codification/ According to FASB Codification
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ABC Corp. (ABC), which operates in the oil industry, is a US subsidiary of a UK entity that prepares...
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