• All amounts are expressed exclusive of GST. GST is not required to be incorporated into the transactions or adjustments for the purposes of this assignment within consolidated financial statements
• In early June 2021, Luxury Furnishings was the victim of a cyber-attack.  The malware deleted records in the Group’s centralised inventory system and customer management system.  The CFO advises that the internal auditor is satisfied that the substantial majority of records effected have been corrected and the information provided by the system should be materially complete and accurate.  A stocktake was not undertaken as a result of the cyber-attack on the basis that the year-end stock take was scheduled for 30 June.
• Luxury Furnishings is considering selling fifteen percent interest in Concept Designs Pty Ltd to an external party.

Answer rating: 100% (QA)

Key issues faced by Luxury Furnishings The first and foremost issue faced by Luxury Furnishings is the loss of records in the Groups centralized inventory system and customer management system due to ... View the full answer