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Kim Smith says
March 13, 2020 at 11:41 am
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.
March 13, 2020 at 9:01 am
In Q2 can we say all adjusting event requires only adjustment in the FS and no note to the FS to explian the matter.
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