The case below relates to IAS 10. Indicate whether they are adjusting and non-adjusting events and how they should be treated according to the standard. On 8 January 2020, one of the accountants left Facey Company Ltd suddenly. On further investigation, the company realized that this employee had been paying himself money from the bank account in relation to false rental invoices. The amount of the overpayment was found to be $86,000. With the help of the police, the accountant was tracked down and repaid all the money on 18 January 2020.
The case below relates to IAS 10. Indicate whether they are adjusting and non-adjusting events and how they should be treated according to the standard. On 8 January 2020, one of the accountants left Facey Company Ltd suddenly. On further investigation, the company realized that this employee had been paying himself money from the bank account in relation to false rental invoices. The amount of the overpayment was found to be $86,000. With the help of the police, the accountant was tracked down and repaid all the money on 18 January 2020.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The case below relates to IAS 10. Indicate whether they are adjusting and non-adjusting events and how they should be treated according to the standard.
On 8 January 2020, one of the accountants left Facey Company Ltd suddenly. On further investigation, the company realized that this employee had been paying himself money from the bank account in relation to false rental invoices. The amount of the overpayment was found to be $86,000. With the help of the police, the accountant was tracked down and repaid all the money on 18 January 2020.
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