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(1) A valuation of property providing evidence of impairment in value at the Statement of Financial Position date. (2) Sale of inventory held at the Statement of Financial Position date for less than cost. (3) Discovery of fraud or error affecting the financial statements. (4) The insolvency of a customer with a debt owing at the Statement of Financial Position date which is still outstanding. A)1,2,3 and4 B)1,2 and4 only C)3 and4 only D)1,2 and3 only.
A. All of them
option A, all of the choices given.
Option A will be a correct choice as all4 scenerios are adjusting events.
(A) all of them is correct
A
D =1,2,3 as the insolvency of the customer may be covered by a debt default reserve. Of course it could include4 if it is a material debtor that may affect the fair presentation of the financial position at year end.
A is rightly opted as answer
