On $18$ March $2024,$ the Board of Directors of the company decided to close down the chocolate

making products plant. On $25$ May $2024,$ a detailed plan for closing down the plant was agreed

by the Board; letters were sent to customers warning them to seek an alternative source of

supply and redundancy notices were sent to the staff of the plant. The carrying amount of the

net assets of the plant is $$20m.$ The net proceeds from selling the individual assets and settling

the liabilities is $$12m.$

Other costs expected to be incurred are as follows.

termination costs of $$2m($changes in management structure costs$),$

costs to sell a line of business $$3m,$

staff relocation costs $$1\mathrm{.}2m,$

staff retraining costs $$1\mathrm{.}4m$ and

expected additional operating costs for the first quarter of $2025$ financial year $$8m.$

The closure of the plant is expected to be completed by $25$ August $2024.$ The company's year$-$

end is $30$ June.

Can you please explain, with reasons, whether the closure of the plant shall be recognised in

the financial statements of $2024.$ Also, state the amount of provision, if any, which shall be

recognised in its financial statements.