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Hello Mike
Where does the Net profit for period 2008 “800” in “Adomas Statement of Profit or Loss and Other Comprehensive Income” came from? is it the current assets from same period’s SoFP? if yes then how,please sort it out for me,ThanksProfit for the year to 31 December, 2008 was, as reported, $1,300
But during the year ended 31 December, 2009, “it was discovered that certain non-current assets had been included in the records at 31 December 2008 at $500,000 in excess of their recoverable amount and that this situation was unlikely to change.”
And that’s where the restated profit figure of $800 for the year ended 31 December, 2008 comes from
And that’s actually shown at the bottom of page 160
OK?
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