Which of the following is NOT an example of an adjusting event under AASB 110?
A) the settlement after reporting date but prior to the date that the financial statements are authorised for issue of a court case which had commenced prior to reporting date.
B) the sale of inventories after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost.
C) uninsured damage to a material item of machinery after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost.
D) receipt of advice after reporting date but prior to the date that the financial statements are authorised for issue that a material debtor has been placed in liquidation.

Question

Quizplus · Accepted Answer

Uninsured damage to machinery after the reporting date is a non-adjusting event because it does not provide evidence of conditions that existed at the end of the reporting period.

Which of the Following Is NOT an Example of an Adjusting