For the year ended $31/12/2020,$ the financial statements of ABC Company were authorized for issue on $31/3/2021.$

In $2020,$ ABC recognized $$20$ million as a provision for lawsuits in its financial statements. On $18/3/2022,$ the Court finally ordered ABC to pay $$24$ million to the competitor

How should IAS $10$ account for this event?

Select one:

a$.$

Loss from Lawsuits $20000000$

Provision for Lawsuits $20000000$

b$.$ All answers are false

c$.$

Income Statement $4000000$

Provision for Lawsuits $4000000$

d$.$

Loss from Lawsuits $24000000$

Provision for Lawsuits $24000000$

e$.$

Disclosure in the notes

f$.$

Loss from Lawsuits $4000000$

Provision for Lawsuits $4000000$

g$.$

Provision for Lawsuits $4000000$

Loss from Lawsuits $4000000$

h$.$

NO Action