A major flood wipes out the principal place of operations of an organisation three weeks after the
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A major flood wipes out the principal place of operations of an organisation three weeks after the end of the reporting period. The flood loss is covered by insurance. Would this be an ‘adjusting event’ or a ‘nonadjusting event’? Why?
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As the flood occurred after the end of the reporting period then the general principle would be that ...View the full answer
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