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approximately 100 words Ultron Ltd has been sued by the municipal council for polluting the local river. It is very likely that Ultron Ltd will

approximately 100 words

Ultron Ltd has been sued by the municipal council for polluting the local river. It is very likely that Ultron Ltd will lose the case. However, the lawyers have advised Ultron Ltd that at this time it would not be possible to estimate what the total damages would be.

Required:

Should Ultron Ltd recognize a liability for this event? Justify your answer by reference to the definitions and recognition criteria in the Conceptual Framework.

Should Ultron Ltd recognize a liability for this event? Justify your answer by reference to the definitions and recognition criteria in the Conceptual Framework. (5 Marks)

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