Odiferous Waste Company Is a Subsidiary of Precarious Investments,Inc

question 21

Essay

Odiferous Waste Company is a subsidiary of Precarious Investments,Inc.Odiferous op?erates a hazardous waste disposal site.QuikChem Corporation is one of many parties who generate waste disposed of at the site.Odiferous borrows money from Regal Bank,which takes over the site when Odiferous goes bankrupt.The Environmental Protection Agency discov?ers a leak at the site.Can any of these private parties be forced to pay for the clean up? If so,who?

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally accepted for financial reporting.

Noncash Consideration

Payment made in a form other than cash, such as property, goods, or services, during transactions.

Dividends Payable

Refers to the amount of dividends that a company has declared to pay out to its shareholders but has not yet distributed.

Dividends Declared

The portion of a company's earnings that is approved by the board of directors to be distributed to shareholders.