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AMB Bhd is an international industrial products manufacturer in Malaysia. The company's financial statements ended 31 December 2021 were authorized for issue by board
AMB Bhd is an international industrial products manufacturer in Malaysia. The company's financial statements ended 31 December 2021 were authorized for issue by board of directors on 30 April 2022. The following events have not been considered in the preparation of AMB's financial statements for the year 2021. 1. A civil suit was brought against AMB before the end of financial year. On 1 February 2022, the lawyer of the company, Ahmadi Associates, advised the company that AMB would lose the case and suffer a loss of RM200,000. 2. On 4 January 2022, a wholly-owned subsidiary of AMB namely Utara Aluminium Sdn Bhd entered into a Sale and Purchase Agreement with Ooi Beng Liew & Sons Sdn Bhd for the proposed disposal of properties for a total consideration of RM6,000,000. 3. As part of ABM expansion strategy, on 15 February 2022, the company acquired 65% equity interest in Zazu Sdn Bhd for a total consideration of RM650,000. The principal activities of Zazu Sdn Bhd are management services, technical consultancy service, project management, laboratory testing, trading and engineering works. REQUIRED: Discuss the accounting treatments for the above events in accordance with MFRS 110 Events after the Reporting Period.
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