Meadow Ltd plans to close a factory in 10 months' time, when it will terminate the employment of all employees who remain at the factory. Meadow Ltd requires the services of the employees at the factory to fulfil its contractual obligations and so the terms of the plan of termination are as follows: Each employee who continues to provide services until the factory closure will receive a cash payment of $40 000 on the termination date. Each employee who leaves before the closure of the factory will receive a cash payment of $15 000. . At the date the termination plan is announced, there are 120 employees at the factory and only 20 employees are expected to leave before the factory's closure. Required Explain how the benefits from the plan of termination would be accounted for by Meadow Ltd in accordance with the requirements of AASB 119.

Meadow Ltd plans to close a factory in 10 months' time, when it will terminate the employment of all employees who remain at the factory. Meadow Ltd requires the services of the employees at the factory to fulfil its contractual obligations and so the terms of the plan of termination are as follows: Each employee who continues to provide services until the factory closure will receive a cash payment of $40 000 on the termination date. Each employee who leaves before the closure of the factory will receive a cash payment of $15 000. . At the date the termination plan is announced, there are 120 employees at the factory and only 20 employees are expected to leave before the factory's closure. Required Explain how the benefits from the plan of termination would be accounted for by Meadow Ltd in accordance with the requirements of AASB 119.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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