[matts1]

Since transaction two occured in October but the period ended in September why is transaction two included? When I asked my prof he said IAS 10 but didn’t go in detail. Upon doing research I saw that the sale of inventories is an adjusting event if it gives evidence of the net realiziable value (which is why i guess transaction one is included), however, in the case of transaction two its valued at cost so why is it still included in the closing balance for September?

[Author]

Posts