Business, 26.03.2020 23:59 esid906

FuelSource Co. (FuelSource) is a U. S. subsidiary of a U. K. entity that prepares its financial statements in accordance with (1) IFRS in reporting to its parent and (2) U. S. GAAP in reporting to its U. S.-based lender. FuelSource also operates in the oil industry and its operations sometimes result in soil contamination. FuelSource operates in Dirty Country, where there is no environmental legislation. FuelSource has recently contaminated land as a result of its operations in Dirty Country. FuelSource has a widely published environmental policy in which it remediates contamination that it causes. FuelSource has a record of honoring this published policy. The U. K. parent similarly has a widely published environmental policy in which it remediates all contamination it causes and has a record of honoring this published policy. Required: Should FuelSource recognize a provision for cleanup costs it may incur in Dirty Country (1) in reporting to its U. K. parent under IFRS and (2) in reporting to its U. S.-based lender in accordance with U. S. GAAP

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FuelSource Co. (FuelSource) is a U. S. subsidiary of a U. K. entity that prepares its financial stat...

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