products sold by Carlit?s Ltd. Legal proceedings are started seeking damages from Carlit's Ltd by disputes liability. Up to the date of the approval of the financial statements for the year ended December 31, 2010; Carlit?s lawyers advised that it is probable that it will not be found liable. However when Carlit?s Ltd. prepared the financial statements for the year ended December 2011, its lawyers advise that owing to the developments in the case it is probable that it will be found liable. Carlit?s Lawyers estimates that damages of 10 million to 15 million dollars could be awarded to the plaintiffs.Case # 2A lawsuit was filed by Creflo Ltd against Boyd Ltd for infringement of Creflo?s patent/copyright in June 2010. Leading up to the date of the approval of the financial statements for the year ended December 2010, Creflo was informed by its lawyers? that it is probable that Creflo Ltd. will win the lawsuit and receives an estimated amount of money. When Creflo Ltd. prepared the financial statements for the year ended December 2011, a decision was handed down by the court that Creflo Ltd should be awarded $5 million dollars.For each of the cases mentioned above you are required to:a. Advise each company of the required accounting treatment ati.December 2010ii.December 2011 b. Draft suitable financial statement disclosure notes to be included in the financial Statements of Carlit?s Ltd., Creflo Ltd. & Boyd Ltd as at December 2010 and at December 2011
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