Question
Subsequent Events can be classified as adjusting events and non-adjusting events. For the list of events below indicate whether the event is adjusting or non-adjusting?
Subsequent Events can be classified as adjusting events and non-adjusting events. For the list of events below indicate whether the event is adjusting or non-adjusting?
i. Insolvency of a receivable after year end
ii. Destruction of significant asset after year end
iii. Sale of inventories after year end evidence of Net Realisable Value
iv. Issue of shares/debt after year end
v. Discovery of errors/fraud revealing Financial Statement incorrect after year end
vi. Take-over of another business after year end
vii. Purchases/sales of significant non-current assets after year end
viii. Agreement of tax liability after year end (4 marks)
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