Quilmar recognises a provision of 300,000 for fire damage caused to a customer. Its insurer has confirmed in writing that it will cover 180,000, an amount virtually certain to be received if Quilmar compensates the customer. Compute the reimbursement asset and the net expense if Quilmar presents the expense net of the reimbursement in profit or loss.
- Provision
- 300,000
- Virtually certain reimbursement
- 180,000