Question
Read Notes 4.6 and 33. What do you think gave rise to total deferred income of 126 as of the end of fiscal 2013? Would
Read Notes 4.6 and 33. What do you think gave rise to total deferred income of 126 as of the end of fiscal 2013? Would transactions of this type be handled similarly under U.S. GAAP? D2. Is the threshold for recognizing a provision under IFRS different than it is under U.S. GAAP? Explain. D3. Note 31 lists provisions and retirement benefits. Do the beginning and ending balances of total provisions and retirement benefits shown in Note 31 for fiscal 2013 tie to the balance sheet? By how much has the total amount of the AF's provisions and retirement benefits increased or decreased during fiscal 2013? Write journal entries for the following changes in the litigation provision that occurred during fiscal 2013, assuming any amounts recorded on the income statement are recorded as provision expense, and any use of provisions is paid for in cash. In each case, provide a brief explanation of the event your journal entry is capturing. New provision. Use of provision. Is AF's treatment of litigation provision under IFRS similar to how it would be treated under U.S. GAAP?
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