In September 2015, the United States Environmental Protection Agency (EPA) disclosed a notice of violation of the Clean Air Act to German automaker Volkswagen Group. The agency reported that Volkswagen had intentionally programmed turbocharged direct injection (TDI) diesel engines to activate their emissions controls only during laboratory emissions testing which caused the vehicles’ nitrogen oxide (NOx) output to meet US standards during regulatory testing, but emit up to 40 times more NOx in real-world driving. Volkswagen deployed this programming software in about eleven million cars worldwide, including 500,000 in the United States, in model years 2009 through 2015.On 4 January 2016, the Justice Department, on behalf of the EPA, filed a lawsuit against VW in a federal court in Detroit. The complaint, seeking up to $46 billion in penalties for Clean Air Act violations
Based on AASB137 (which is based on IAS 137), how should this be recorded in the financial statements of Volkswagen as at 31 December 2016?
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