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Indicate How TinyPart Would Disclose or Account for the Lawsuit

question 115

Essay

Indicate how TinyPart would disclose or account for the lawsuit described in part (b) under U.S. GAAP and under IFRS in the financial statements for the year ended December 31, 2013.


Definitions:

U.S. Constitution

The supreme law of the United States of America, consisting of a preamble, seven articles that delineate the national frame of government, and amendments.

Express Authority

The power granted to an individual, often in a corporate setting, through explicit instructions by another authority figure or document.

Economic Espionage Act (EEA)

A U.S. law enacted in 1996 to protect trade secrets and corporate espionage.

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