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corporation accounting

Evaluate whether the following situations will give rise to a present obligation:

I: Bona Bay Ltd is a large manufacturer of surfboards and provides a two year warranty for all its products from the time of purchase by offering to repair or replace the item.

II: Sea Eagle Ltd operates its offshore oil rigs near Curlew Beach. During the reporting period, there was a major oil spill and the company had publicly announced to undertake clean-up of all the contamination that it caused. There is no environmental legislation on oil spills.

III: A customer sued Neck Bay Ltd for damages from a faulty product. The company hired a legal team to dispute this claim.

IV: Whitehaven Ltd had guaranteed a bank loan to an associated company.

In compliance with AASB 137Provisions, Contingent Liabilities and Contingent Assets, which of the above situations requires recognition in the financial statements?