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I was getting confused regarding adjusting events , that if an event occurred after the approval period of accounts and can create going concern issues will that be an adjusting event, I was getting confused whether materiality level affects adjusting events
Materiality ALWAYS affects anything in accounting.
If IT happens after approval and after auditors have expressed their opinion but before the AGM, and it casts REAL doubt on the ability of the entity being able to continue as a going concern (eg a tsunami, nuclear accident or terrorist air raid) then the auditors should require the directors (if there are any still alive!) to withdraw the financial statements and re-prepare them on a break-up basis
Does that answer you?
So basically we have to make the judgment, as I’ve not studied f8 , I just know it vaguely that it might have to affect 50% to raise questions on going concern
“….. might have to affect 50%…..”
50% of what? I have no idea what you are talking about!
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