On February 18, 2020, the financial statements of Al-Mutahidoon Al Arab Company for the year ending on

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Question:

On February 18, 2020, the financial statements of Al-Mutahidoon Al Arab Company for the year ending on December 31, 2019 were completed.

_ On March 8, 2020, the financial statements were approved by the Board of Directors for issuance.

_ On 4/2/2020, the general assembly approved, at its annual meeting, the financial statements.

The following are some of the events that occurred after December 31, 2019:

1- On 15/1/2020, one of the company’s clients went bankrupt, and the amount of the debt owed by him amounted to 40,000 dinars, and the company had a provision for doubtful debts related to this debt of 15,000 dinars.

2- On 2/2/2020, a fire occurred in one of the company’s branches, which resulted in losses in the burned goods amounting to 80,000 dinars.

3- On 28/2/2020, the prices of investments in the shares owned by the company decreased by 40,000 dinars from the recorded value of those investments in the company’s books on 31/12/2019.

4- On 2/3/2020, 70% of the shares of Al-Manar Company were acquired at a cost of 400,000 dinars, and this resulted in a holding and subsidiary relationship between the two companies.

5- On 2/4/2020, the General Assembly approved the distribution of dividends to shareholders amounting to 150,000 dinars, noting that the Board of Directors had recommended the distribution of those profits on 3/6/2020.

Required:

What is the action to be taken by the company related to the above events in accordance with Standard No. (10)?