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Lizzer question 56-part a ii

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Lizzer question 56-part a ii

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • August 16, 2020 at 11:31 pm #580830
    misbahkiran
    Participant
    • Topics: 109
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    • ☆☆☆

    if at the year end liquidity position is poor and company is close to breach of loan covenants, if breaches does happen after year end before the issue of financial report and which result in considerable risk of not continuing as a going concern, will it be a adjusting or non adjusting event after balance sheet date?

    August 17, 2020 at 12:28 pm #580896
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    A breach of covenant after the balance sheet date would be a non-adjusting event.

    Remember that non-adjusting events must be disclosed unless the going concern concept no longer applies in which case the financial statements must be adjusted

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