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IAS 10

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › IAS 10

  • This topic has 4 replies, 2 voices, and was last updated 1 year ago by Varun.J.Thakkar.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • October 22, 2021 at 1:40 pm #638791
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    Hello sir,
    Why would the following be a non adjusting event?

    A company took delivery of a new machine from usa in the last week of the financial year. It was discovered almost immediately afterwards that the entity supplying the machine had filled for bankruptcy and would not be able to honour the warranties and repair contract on the new machine. Because the machine was so advanced, it was unlikely that any local entity could provide maintenance cover.

    October 23, 2021 at 9:19 am #638853
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6473
    • ☆☆☆☆☆

    Hi,

    What specifically would you looking to be adjusting for given the information in the scenario?

    Thanks

    October 25, 2021 at 5:41 am #639030
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    Warranty and repair contract?

    October 30, 2021 at 9:41 am #639451
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6473
    • ☆☆☆☆☆

    But we do not offer the warranties, so it would not impact our accounting. We can just not fix the machine if it breaks.

    November 1, 2021 at 7:55 am #639623
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    Oh got it sir thanks a lot

  • Author
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