Alyssum Ltd has been a client of Geoff & Aleida Partners for many years. You are an audit senior and have been assigned to the Alyssum audit for the first time for the financial year end 30 June 2020.

Alyssum’s financial report for the year ended 30 June 2020 shows land and buildings at fair value of $21.4 million. As part of your subsequent events procedures, you become aware that Alyssum sold the property in July 2020 when an independent third party made an unexpected offer of $26 million. The difference between the sale price and the amount stated in the financial report (which has not been adjusted) is material. You have not yet signed the audit report.

Analyse the events surrounding the sale of land and buildings. Is it a subsequent event? If so, which type?