Use the information from BE13-14 and now assume that TU Bank is an IFRS reporter. What is

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Use the information from BE13-14 and now assume that TU Bank is an IFRS reporter. What is the journal entry under IFRS?


Data from BE13-14

In August 2018, a customer at TU Bank slipped on a wet floor and broke an arm. The customer sued the bank in September 2018. As of TU Bank's December 31 year-end, the company's attorneys believe that it is 80% likely that TU will lose this case. The attorneys estimate that the loss will  range bet ween $200,000 and $350,000. What is the journal entry?

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Related Book For  book-img-for-question

Intermediate Accounting

ISBN: 978-0134730370

2nd edition

Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella

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