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warehouse burnt in fire ,

This topic has 3 replies, 2 voices, and was last updated 1 year ago by Kim Smith.

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March 11, 2023 at 2:33 pm #681101
Frooti
Participant
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inventory is not written down to lower of cost and net realizable value as insurance claim is highly likely to be successful as confirmed by insurance agency.
Please tell audit risk for this statement.
March 11, 2023 at 2:42 pm #681105
Kim Smith
Keymaster
- Topics: 130
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Inventory is overstated and contingent asset (insurance recovery) understated or not disclosed, since they should not be offset under IFRS.
March 11, 2023 at 3:13 pm #681111
Frooti
Participant
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Thank you so much maam
March 11, 2023 at 6:00 pm #681148
Kim Smith
Keymaster
- Topics: 130
- Replies: 8133
You’re very welcome!
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