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us_10_4c_lack_of_information_080411

us_10_4c_lack_of_information_080411 - Case 10-4 Lack of...

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Copyright 2007 Deloitte Development LLC All Rights Reserved. Case 10-4 Lack of Information As indicated in the following memo, Lack of Information (LOI) has identified obligations to handle and dispose of asbestos upon retirement of several of its warehouses. Also as reflected in the memo, LOI has decided that it is not required to recognize any liabilities related to these obligations because it has asserted that the obligations are not probable or that it does not have sufficient information available. Required: For each identified obligation, determine whe ther you agree with LOI’s conclusion and discuss the basis for your determination.
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Case 10-4: Lack of Information Page 2 Copyright 2007 Deloitte Development LLC All Rights Reserved. MEMO To: Audit Engagement Team From: Controller, Lack of Information Subject: ASC 410-20 Asset Retirement Obligations Summary Date: December 31, 2010 Identification and Analysis of Potential Asset Retirement Obligations Lack of Information (LOI) owns and operates 50 warehouses throughout the country. As
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