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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..
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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