1. a . Under IFRS, how should lawsuits be reported when the likelihood of prevailing is

greater than 90% and a reliable estimate can be made for the amount that would be received in the event the lawsuit is won?

b. Under IFRS how should a lawsuit be reported when the likelihood of losing is greater than 50% but less than 60% and the amount of that the entity would have to pay can be reliably estimated?

3. In the above question, how would your answer change if a conclusion was made that our company will lose the lawsuit, and that damages will have to be paid in a range between $15,000,000 and $25,000,000?