QUESTION 5Which one of the following events which occur after the reporting date of a company but before the financial statements are authorisedfor issue are classified as adjusting event in accordance with HKAS 10 'Events after the Reporting Period'?O 1. A change in tax rate announced after the reporting date, but affecting the current tax liability.2. The determination of the sale proceeds of an item of plant sold after the year end.3. The destruction of a factory by fire.4. The discovery of fraud which had occurred during the year.5. None of them.

According to HKAS 10, following are the objectives of this standard:1. Adjustment of events that…

QUESTION 5 Which one of the following events which occur after the reporting date of a company but before the financial statements are authorised for issue are classified as adjusting event in accordance with HKAS 10 'Events after the Reporting Period'? Ⓒ 1. A change in tax rate announced after the reporting date, but affecting the current tax liability. 2. The determination of the sale proceeds of an item of plant sold after the year end. 3. The destruction of a factory by fire. 4. The discovery of fraud which had occurred during the year. 5. None of them.

QUESTION 5 Which one of the following events which occur after the reporting date of a company but before the financial statements are authorised for issue are classified as adjusting event in accordance with HKAS 10 'Events after the Reporting Period'? Ⓒ 1. A change in tax rate announced after the reporting date, but affecting the current tax liability. 2. The determination of the sale proceeds of an item of plant sold after the year end. 3. The destruction of a factory by fire. 4. The discovery of fraud which had occurred during the year. 5. None of them.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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