In preparing its accounts for the year to 31 May 2007, Whiting plc had been faced with a number of accounting problems, the details of which were as follows:

(i) The company had closed down its entire American operations which represented a significant part of Whiting plc’s business.

(ii) The corporation tax for the year to 31 May 2006 had been over-provided by £5,000.

(iii) Land and buildings had been revalued at an amount well in excess of the historic cost (note:

the current value is to be adjusted in the financial statements).

(iv) A trade debtor had gone into liquidation owing Whiting plc an amount equivalent to 20% of Whiting’s turnover for the year. It is highly unlikely that any of this debt will ever be repaid.

(v) During the year, the company changed its method of valuing inventory. If the same method had been adopted in the previous year, the profits for that year would have been considerably less than had previously been reported.

Required:
Being careful to give your reasons, explain how each of the above matters should be treated in the financial statements of Whiting plc for the year to 31 May 2007 if the company follows the requirements of IAS 1 and IFRS 5.