- This topic has 1 reply, 2 voices, and was last updated 4 years ago by
.
Viewing 2 posts - 1 through 2 (of 2 total)
- Posts
Sir disposal of inventory after reporting date but before issue of financial statements is an adjusting event, but if asset is disposed off instead then it is a non adjusting event. Why so??
Question makes no sense – disposals are not accounted for until disposal.
Re adjusting events – this is an FA / FR topic – you may wish to recap lectures
I usually discourage students from over-using the jargon ADJUSTING etc because they end up in a muddle. Easier just to use common sense and explain how the numbers in FS will change and whether any disclosures are necessary. Trust me.
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.