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please show the calculation and theory as well. thank you On 1 January 2015, Willer Oil Company erected an oil platform in the Gulf of
please show the calculation and theory as well. thank you
On 1 January 2015, Willer Oil Company erected an oil platform in the Gulf of South China Sea. Willer is legally required to dismantle and remove the platform at the end of its useful life, which is estimated to be in the next five years. Willer estimates that the dismantling and removal will cost the company RM1,000,000. Required: Comment on the above case based on the provisions in MERS 137 Provisions, Contingent Liabilities and Contingent Assets. (9 marks) II. On 2 December 2015, a state government filed a lawsuit against Classical Bhd, seeking penalties for violation of clean air laws. Classical's reporting date is 31 December 2015 and the financial statements are deemed to be authorized for issue in four months' time. However, on 23 January 2016, Classical reached the settlement with the state authorities to pay RM1.5 million Required: Explain how Classical Bhd should treat the above transaction in accordance with the relevant applicable financial reporting standards in Malaysia. (8 marks) III. Describe how the capital maintenance requirements are applied for share repurchases from the perspective of the Companies Act 2016 compare to Companies Act 1965. (8 marks)Step by Step Solution
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