XYZ Company has been served by a customer with a lawsuit for breach of contract seeking damages of $2,000,000. XYZs legal counsel believes that the outcome will be unfavorable. With a 10% probability of paying $1,400,000 and 90% probability of paying $1,800,000 for damages. Discuss the proper accounting treatment and disclosure requirements for XYZ company under International Financial Reporting Standards (IFRS)