Should a liability in the form of a provision be recorded?, Ask an Expert

Accounting

Hampton Ltd has a number of non-current assets, some of which require, in addition to normal ongoing maintenance, substantial expenditure on major refits/refurbishment at certain intervals or on major components that require replacement at regular intervals.

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Should a liability in the form of a provision be recorded? How would it be measured and how should it be presented to financial statement users.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M941962

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