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Qn18b)Francis (P7 12/14)

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Qn18b)Francis (P7 12/14)

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • November 20, 2021 at 12:37 pm #641158
    gayathree1234
    Member
    • Topics: 40
    • Replies: 1
    • ☆

    Hi,

    I know that for the current year, the natural disaster will be disclosed in financial statements. Will we have to adjust the event for next year? If next year it is adjusted, can the company claim the insurance?

    Thank you..

    November 20, 2021 at 12:48 pm #641164
    Kim Smith
    Keymaster
    • Topics: 100
    • Replies: 6789
    • ☆☆☆☆☆

    You don’t “adjust” for the event the next year – you will recognise its financial effects – i.e. the costs incurred as a result.

    Making an insurance claim is completely independent of how the disaster is accounted for – a company must obviously have a valid insurance policy against which to make the claim – the insurance company will not generally settle a claim unless it satisfies all the terms and conditions of the policy.

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