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Scotts Ltd. faced a lawsuit from one of its customers. The court is yet to make decision and the amount of any possible obligation cannot
Scotts Ltd. faced a lawsuit from one of its customers. The court is yet to make decision and the amount of any possible obligation cannot be reliably estimated until the judgement is delivered in the next financial year. Therefore, the information is neither reported in the financial statements nor disclosed in the notes to the financial statements.
Q. For the situation above, identify and explain the relevant accounting concept/principle violated
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