Question 55 of 75 Question 55 1 points SAVE ANDWE At the end of the reporting period, Tik Tok Ltd was awaiting the final details of a court case for damages warded in its favour. The amount and possible receipt of damages is unknown and will not be decided until the court sit again in several months' time. How is this event dealt within the preparation of the financial statements? disclose in the notes to the financial statements as it is possible that the entity will receive the damages and the court decision is out of its control do not recognise or disclose in the financial statements as the possibility of receiving damages is remote recognise as a deferred asset in the balance sheet and re-classily as a non-current when the court decision is known recognise as an asset in the financial statements as the receipt of damages is probable