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متابعة

Which of the following material events after the reporting period and before the financial statements are approved are adjusting events?

(1) A valuation of property providing evidence of impairment in value at the Statement of Financial Position date. (2) Sale of inventory held at the Statement of Financial Position date for less than cost. (3) Discovery of fraud or error affecting the financial statements. (4) The insolvency of a customer with a debt owing at the Statement of Financial Position date which is still outstanding. A)1,2,3 and4 B)1,2 and4 only C)3 and4 only D)1,2 and3 only.

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تم إضافة السؤال من قبل Asad zaman , Audit/Finance , Rafaqat Baber and co
تاريخ النشر: 2014/08/06
Muhammad Ikram
من قبل Muhammad Ikram , Financial Contorller , Sparq Systems Inc.

A. All of them

Ednalyn Banuelos, CMA
من قبل Ednalyn Banuelos, CMA , Projects Accountant , Grade Ref., LLC

option A, all of the choices given.

AWAIS BUTT
من قبل AWAIS BUTT , Accounting Manager , Glocalization Systems Limited

Option A will be a correct choice as all4 scenerios are adjusting events.

Mohamed Khalifa
من قبل Mohamed Khalifa , Chief Accountant , Hjeen Roasters

(A)  all of them  is correct        

Ismail Mamoojee
من قبل Ismail Mamoojee , Group Compliance Officer , Liberty

D =1,2,3 as the insolvency of the customer may be covered by a debt default reserve. Of course it could include4 if it is a material debtor that may affect the fair presentation of the financial position at year end. 

Mir Mujtaba Ali
من قبل Mir Mujtaba Ali , Internal Audit Manager , Confidential

A is rightly opted as answer

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