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Events after reporting date

This topic has 1 reply, 2 voices, and was last updated 2 years ago by P2-D2.

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May 26, 2022 at 7:16 am #656481
ilham9089
Participant
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Hi, if some inventory is damaged by fire etc would that count as an adjusting event since the NRV will now be lower than the cost or does a sale have to take place first lower than the cost for it to be an adjusting event
May 30, 2022 at 5:33 pm #656893
P2-D2
Keymaster
- Topics: 4
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It would be non-adjusting as the fire took place after the reporting date but it would be disclosed in the notes to the accounts.
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