cloat co; march/june 2021

This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.

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August 7, 2022 at 10:04 am #662595
ABDULLAHI312
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hi
in the last part of this scenario, the statement on the insurance recovery read as ‘before the financial statements were approved, it was PROBABLE that the insurance claim for the loss of NCA would be paid…’
the answer in the debrief classified the transaction as VIRTUALLY CERTAIN. please clarify.
thanks.
August 8, 2022 at 9:56 am #662661
Stephen Widberg
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IN FUTURE PLEASE REFER TO TOPIC NOT QUESTION NAME IN THE THREAD NAME.
If the question states probable – disclose contingent asset.
If the question states virtually certain – recognise insurance receivable.
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