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Use the following to answer questions 33 and 34:
REFERENCE 11-02
Bugs, Inc., a wholly owned subsidiary of the U.S.-based company, Pillows Ltd., was notified of a loss contingency with an estimated cost ranging between $50,000 and $150,000. Bugs, Inc. hired an expert appraiser who assessed that all possible dollar amounts of liability in this range are equally likely. Management of Bugs, Inc. has estimated that there is a 60 percent chance that this contingency will result in an actual loss.
[QUESTION]
REFER TO: 11-02
-In the conversion from U.S.GAAP financial statements to IFRS financial statements, what is the amount of adjustment needed to adjust for the difference in accounting for a provision for loss contingency?
Bereavement
The period of mourning and grief following the death of a loved one, characterized by a variety of emotional, cognitive, and physical responses.
Ritualistic Expression
Forms of habitual or ceremonial actions that are performed in a specific way to convey meanings, beliefs, or traditions.
Bereavement
The period of mourning and grief following the death of a loved one.
Prescribes
The act of recommending or advising a specific course of action or type of medication by a qualified professional.
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