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Hello Ken,
Credit notes issued for pre – year end sales are adjusting or non adjusting event ?
It might be possibly due to window dressing isnt it. If thats the case a detailed disclosure from managers would be suffice ?
This credit note provides evidence that the sale was not successful and an adjustment is needed in the FS.
Disclosure by managers is not the way to deal with window-dressing. By definition, window-dressing means presenting information in a very favourable way, perhaps by concealing information – or otherwise. This is incompatible with a true and fair view.
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