The statutory audit of I Believe I Can Ltd whose financial year ends is 31st December, 2021 ended 1st March, 2022. The financial statements were signed and approved by the directors on 15th March 2022. The Shareholders approved the financial statements on 31st March, 2022. The following took place have occurred:

i) On 15 February 2022, a customer owing the company GHS 2,500,000 filed for bankruptcy. The financial statements included a provision for doubtful debts pertaining to this customer only of GHS 40,000.

ii) Dividends of GHS 20,000 were proposed to be paid to the shareholders of the company on 15th January, 2022.

iii) A portion of the closing inventory of the company which had been valued at GHS 700,000 was ravaged by fire. This inventory had a net realizable value of GHS 31,500.

iv) The company could not recover GHS 65,000 debt from one of its customers on 5th February, 2022. The customer became bankrupt on 25th March, 2022.

v) An advertising company filed a lawsuit against the company claiming damages of GHS 30,000 for the companys non- adherence to the terms of their negotiated contract.

vi) The Government announced its intention to increase the company tax effective 20th February, 2022 from 25% to 27%.

Required:

Advise the board on the accounting treatment to be adopted in relation to the above issues within the scope of IAS 10, Events after the Reporting Period.

NOTE: Your suggested solution should not EXCEED ONE (1) PAGE.