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warehouse burnt in fire ,

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › warehouse burnt in fire ,

  • This topic has 3 replies, 2 voices, and was last updated 2 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • March 11, 2023 at 2:33 pm #681101
    Frooti
    Participant
    • Topics: 92
    • Replies: 83
    • ☆☆

    inventory is not written down to lower of cost and net realizable value as insurance claim is highly likely to be successful as confirmed by insurance agency.
    Please tell audit risk for this statement.

    March 11, 2023 at 2:42 pm #681105
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8266
    • ☆☆☆☆☆

    Inventory is overstated and contingent asset (insurance recovery) understated or not disclosed, since they should not be offset under IFRS.

    March 11, 2023 at 3:13 pm #681111
    Frooti
    Participant
    • Topics: 92
    • Replies: 83
    • ☆☆

    Thank you so much maam

    March 11, 2023 at 6:00 pm #681148
    Kim Smith
    Keymaster
    • Topics: 132
    • Replies: 8266
    • ☆☆☆☆☆

    You’re very welcome!

  • Author
    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘warehouse burnt in fire ,’ is closed to new replies.

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