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Determine whether the accounting treatment of the debenture

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You are reviewing the 2019 financial statements of Oil Ltd. As part of your final review you notice that the Statement of Financial Position includes an asset 'Debenture money receivable $800 000' and a liability 'Debentures $800 000'. Note 14 to the accounts reveals that the issue of the debentures was approved by the board of directors on 28 June 2019, but the debenture issue did not take place until 17 July 2019.

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Question 1: Review the information given above and determine whether the accounting treatment of the debenture issue is in accordance with the requirements of AASB 110 Events After Reporting Period.

Reference no: EM132555130

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