With reference to FRS 21: Events after the balance sheet date and FRS 12: Provisions, contingent liabilities

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With reference to FRS 21: Events after the balance sheet date and FRS 12: Provisions, contingent liabilities and contingent assets:

(a) Define the following terms:

(i) Post-balance sheet events

(ii) Adjusting events

(iii) Non-adjusting events

(iv) Contingent asset/liability;

(b) Give FOUR examples of adjusting events, and FOUR examples of non-adjusting events; and

(i) A material contingent liability, and

(ii) Material contingent assets should be accounted for in financial statements.

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Frank Woods Business Accounting Volume 2

ISBN: 9780273693109

10th Edition

Authors: Frank Wood, Alan Sangster

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Question Posted: Sep 08, 2023 09:18 AM

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With reference to FRS 21: Events after the balance sheet date and FRS 12: Provisions, contingent liabilities

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a Definitions i Postbalance sheet events Postbalance sheet events are events or transactions that occur between the end of the reporting period usually the balance sheet date and the date when the fin...View the full answer

Frank Woods Business Accounting Volume 2

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