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Ruben Ltd operates a shop near a snow mountain resort. The law in

the community requires store owners to shovel snow and ice from the footpath in front of their shops. One day, Ruben Ltd failed to do that and a pedestrian slipped and fell, resulting in serious and costly injury. The pedestrian has sued Ruben Ltd. Ruben Ltd's lawyer says that Ruben Ltd is very likely to be held liable to cover the injured party's costs, but the amount of the costs is uncertain at the moment. A court decision, however, is not expected for at least a year.
Required:
Based on the Conceptual Framework, how Ruben Ltd should account for this situation in its Financial Statements?


A year ago, Ruben Ltd bought shares in an investment company. The investment company in turn buys, holds and sells shares of other business enterprises. You want to use the financial statements of the investment company to assess its performance over the past year.
Required:
What financial information about the investment company's holdings would be most relevant to you (list FOUR pieces of relevant information)?

Subject: Accounting, Business

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