AASB 110 refers to subsequent events that relate to new matters that have arisen after balance date. Which of the following occurrences after balance date is not an example of a new event?
A)becoming a party to a legal action
B)a major fire or flood loss
C)substantial borrowings or share issues
D)specific information on the size of a bad debt that had previously been considered doubtful

Question

Quizplus · Accepted Answer

Specific information on the size of a bad debt that had previously been considered doubtful is not a new event, as it relates to conditions that existed at the balance date.

AASB 110 Refers to Subsequent Events That Relate to New