Question

    A company’s warehouse was damaged by fire after the

    balance sheet date but before the approval of accounts. Under Ind AS 10, this is:
    A Adjusting event Correct Answer Incorrect Answer
    B Non-adjusting event Correct Answer Incorrect Answer
    C Contingent liability Correct Answer Incorrect Answer
    D Extraordinary item Correct Answer Incorrect Answer

    Solution

    Post-BS event, not related to conditions existing at year-end = non-adjusting, but disclosure is required.

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