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Accounting for Flood Insurance Settlement
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Finance & Management > Accounting

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  • Posted: Mon, Aug 06, 2012
  • Time Left: Closed
  • Location: Anywhere
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  • Start: Immediately
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We have a factory in a country following the IFRS. We had a flood that destroyed a lot of our stocks (finished goods and raw materials), in addition to some machinery. We were insured, and have concluded with the insurance company that is going to settle us with a certain amount. We are wondering if this income is taxable? We would like to know the different ways of accounting for this money from insurance company.

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Job ID: 32526690
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