Smitz Company is preparing its opening IFRS statement of financial position on January 1, 2015. Under its
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Smitz Company is preparing its opening IFRS statement of financial position on January 1, 2015.
Under its previous GAAP, Smitz did not record a provision for litigation in the amount of €85,000 that would be recognized under IFRS. Prepare the entry (if any) needed to record this adjustment at the date of issuance.
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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