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FuelSource Co (FuelSource) is a U.S. subsidiary of a U.K. entity that prepares its financial statements in accordance with U.S. GAAP for 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. However, FuelSource has a widely published environmental policy in which it undertakes to clean up all contamination that it causes. FuelSource has a record of honoring this published policy. During 2013, FuelSource contaminated land while operating in Dirty Country, but has not yet begun its cleanup efforts. The company is now trying to determine whether to record a liability associated with the anticipated cleanup costs in its December 31, 2013 financial statements.

Other Requirements: why the company should and should not recognize a liability as of december 31,2013 and provide a recommendation regarding whether the company should recognize a liability and/or weather the company should disclose any information regarding the problem above within their december 31, 2013 financial statements. up port your recommendation using the FASB codification, conceptual framework, etc

 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M940598

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