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

directors should be adjusted for in those financial statements?

1 A valuation of property providing evidence of impairment in value at the reporting period

2 Sale of inventory held at the end of the reporting period 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 end of the reporting period which is still outstanding

A

All of them

B

1, 2 and 4 only

C

3 and 4 only

D

1, 2 and 3 only

The draft financial statements of a limited liability company are under consideration. The accounting treatment of the following material events after the reporting period needs to be determined.

1 The bankruptcy of a major customer, with a substantial debt outstanding at the end of the reporting period

2 A fire destroying some of the company's inventory (the company's going concern status is not affected)

3 An issue of shares to finance expansion

4 Sale for less than cost of some inventory held at the end of the reporting period

According to IAS 10 Events after the reporting period, which of the above events require an adjustment to the figures in the

draft financial statements?

A

1 and 4 only

B

1, 2 and 3 only

C

2 and 3 only

D

2 and 4 only

In finalising the financial statements of a company for the year ended 30 June 20X4, which of the following material matters

should be adjusted for?

1 A customer who owed $180,000 at the end of the reporting period went bankrupt in July 20X4.

2 The sale in August 20X4 for $400,000 of some inventory items valued in the statement of financial position at $500,000.

3 A factory with a value of $3,000,000 was seriously damaged by a fire in July 20X4. The factory was back in production by

August 20X4 but its value was reduced to $2,000,000.

4 The company issued 1,000,000 ordinary shares in August 20X4.

A

All four items

B

1 and 2 only

C

1 and 4 only

D

2 and 3 only

IAS 10 Events after the reporting period regulates the extent to which events after the reporting period should be reflected in

financial statements.

Which one of the following lists of such events consists only of items that, according to IAS 10, should normally be classified

as non-adjusting?

A

Insolvency of an account receivable which was outstanding at the end of the reporting period,

issue of shares or loan notes, an acquisition of another company

B

Issue of shares or loan notes, changes in foreign exchange rates, major purchases of

non-current assets

C

An acquisition of another company, destruction of a major non-current asset by fire, discovery of fraud or error which shows that the financial statements were incorrect

D

Sale of inventory which gives evidence about its value at the end of the reporting period, issue of shares or loan notes, destruction of a major non-current asset by fire

Which of the following events occurring after the reporting period are classified as adjusting, if material?

1 The sale of inventories valued at cost at the end of the reporting period for a figure in excess of cost

2 A valuation of land and buildings providing evidence of an impairment in value at the year end

3 The issue of shares and loan notes

4 The insolvency of a customer with a balance outstanding at the year end

A

1 and 3

B

2 and 4

C

2 and 3

D

1 and

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