Question 2 A. Define the period covered by IAS 10. B. Explain when the Financial Statements should be adjusted. C. Why should non-adjusting events be disclosed? D. (3 marks (5 marks (5 mark end A customer made a claim of $80 000 for losses suffered by the late delivery of goods. The main part ($60 000) of the claim was referred to goods due to be delivered before year Explain how this would be dealt with, under IAS 10. (6 mark After year end, a substantial quantity of inventory was destroyed in a fire. The loss was no adequately covered by insurance. This event is likely to threaten the ability of the business to continue as a going concern. Discuss the matters to be considered in making a decision under IAS 10. (6 mark The business entered into a favourable contract after year end, that would see its profits increase by 15% over the next three years. Explain how this would be dealt with, under LA 10. (5 mar (Total 30 mar