In the following year, Jimbo Ltd has decided to consider using
an alternative supplier of the planned maintenance. After
discussions with the alternative supplier, Jimbo Ltd decided they
would enter into a contract with the following details
included:
The directors of Jimbo Ltd continue to believe the planned
maintenance should be recognised as a liability.
Required
Advise the directors whether a liability should be recorded in
the financial period ending 30 June 2023. Justify your answer by
reference to the Conceptual Framework definition and recognition
criteria.
In the following year, Jimbo Ltd has decided to consider using an alternative supplier of the planned maintenance. After
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