You are now at the completion stage of the audit for QPL for the year ended 30 June 2019, with the auditor's report due to be signed on 15 August 2019. On 10 August, while finalising the audit file, the following additional information came to your attention:

(i) On 10 June 2019, QPL placed an order with one of its Asian suppliers for $50 000 worth of high-quality paper for a glossy publication to be printed in July 2019. The order of paper was shipped on 15 June 2019 but, due to sever storms, the ship carrying the paper ran aground in Indonesia. On 30 June 2019, salvage experts were still unable to say when the ship could be removed or its cargo unloaded, although it was expected that the paper would have suffered severe water damage. Although the order was insured, the full amount is unlikely to covered.

(ii)For the past five years, the College of Forensic Investigation (CFI) has ordered the printing of 50 000 copies of its monthly magazine from QPL at a cost of $600 000. QPL's profit margin on the printing of these magazines is $7 each. The yearly contract is cancellable by CFI on seven days' notice. On 15 June 2019, CFI announced that it was investigating merging with the International Institute of Fraud Investigators. As part of the merger proposal, the magazines of the two entities will be combined and will be available only by online download from the new combined website. The CFI board has informed QPL that the contract for the printing of the monthly magazine will be cancelled if the merger goes ahead. On 15 July 2019, CFI advised QPL that the merger agreement had been signed and that it was cancelling its order for 50 000 for the next 12 months.

(iii) Fact or Fiction Ltd (FFL) publishes very successful 'Believe it or not' books. FFL normally arranges a small initial paperback print run and then, if the book proves popular, arranges for a major hardcover print run. FFL's new book UFO was released on 1 June 2019 and sold out within two weeks. FFL sent an additional order to QPL on 15 June 2019 for 10 000 copies of the book for urgent shipment. The copies were printed and shipped on 28 June 2019, together with a sales invoice for $600 000. On 3 July 2019, FFL 12 discovered that QPL had mistakenly printed the copies of the book in softcover rather than hardcover, as had been stipulated in its purchase order. FFL insisted on an immediate reprint of the book in hardcover before it would pay the invoice QPL admitted that it was its error and immediately agreed to reprint the copies in hardcover at its expense of $325 000. Explain whether and why each situation detailed above will require adjustment or disclosure or no amendment, in the 2019 financial report.