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Generally yes – the notes to the financial statements would be very long indeed if it was a requirement to explain every transaction/event that has been recognised in the financial statements. So if something is adjusted for – that’s it – it has been dealt with. It is because a non-adjusting event has NOT been “dealt with” (i.e. recognised) that it requires disclosure.
In Q2 can we say all adjusting event requires only adjustment in the FS and no note to the FS to explian the matter.