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Question: ABC received an inspection notice of its environmental compliance. Three years ago, ABC paid penalties of 100 million on environmentalpenalties during the similar inspection.

Question:ABC received an inspection notice of its environmental compliance. Three years ago, ABC paid penalties of 100 million on environmentalpenalties during the similar inspection. The inspection will happen during the year end of this year 2021. Should ABC recognize a provisionas of December 31, 2021?

Requirement:Answer the question in 3 to 5 sentences, explain that ABC should recognize the provision or not.

Please Answer.

Intermediate Accounting 2

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