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Colyer Corporation is planning to discontinue a major operation and incur as a result significant redundancy costs. At what point should Colyer recognise a provision
Colyer Corporation is planning to discontinue a major operation and incur as a result significant redundancy costs. At what point should Colyer recognise a provision for the expected redundancy costs? The expected timetable is as follows: 30 30 31 31 June 2013 August 2013 September 2013 November 2013 January 2014 March 2014 Board approval of the provisional plans Board approval of the detailed plans Legal advisors appointed to draw up the necessary legal documents Announcement of the termination plans to the employees who will be affected, including offer for voluntary redundancy Final date for acceptance of voluntary redundancy offer Final closure of the operations
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