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Danica Ltd is a listed company that sells skin care products. In the last seven...

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Accounting

Danica Ltd is a listed company that sells skin care products. In the last seven months of 2019, the company was sued by 5,000 people who developed a skin rash to the companys latest hand cream. Legal proceedings were commenced in March 2020, and the court ruled against Danica Ltd. The court will finalize compensation payments in September 2020. (7 marks) Required With reference to the Definition and Recognition Criteria in the Conceptual Framework and AASB 137, should Danica Ltd recognize a liability for damages as at 30 June 2020

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