[nyamande]

(iii)The investments at fair value through profit and loss are held in a fund whose value changes directly in proportion to a specified market index. At 1 April 2017 the relevant index was 1 200 and at 31 March 2018 it was 1 296.

(iv) In late March 2018, the directors of DEF discovered a material fraud perpetrated by the company’s credit controller that had been continuing for some time. Investigations revealed that a total of $4 million of the trade receivables as shown in the statement of financial position at 31 March 2018 had in fact been paid and the money had been stolen by the credit controller. An analysis revealed that $1.5 million had been stolen in the year to 31 March 2017 with the rest being stolen in the current year. DEF is not insured for this loss and it cannot be recovered from the credit controller nor is it deductible for tax purposes

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