Question:
What are some examples of adjusting events?
Author: Christy B.Answer:
The settlement after the reporting date of a court case which confirms a year end obligation.
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Alternative answers:
The receipt of information after the reporting date that indicates that an asset was impaired at the reporting date.
The bankruptcy of a customer after the reporting date that confirms that a year end debt ir irrecoverable.
The sale of inventory after the reporting date at a price lower than cost.
The determination after the reporting period of the cost of assets purchased or proceeds from assets sold before the reporting date.
The discovery of fraud or errors showing that the financial statements are incorrect.
Author
Christy B.