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Explain the accounting treatment in the financial statements

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Reference no: EM133007048

Resbex Bhd. (Resbex) is a guarantor for a loan of RM8 million taken by Ventino Bhd. (Ventino) in 2019. The financial position of Ventino at that time was sound. However, due to the Covid-19 pandemic, Ventino encountered serious business difficulties in the subsequent year and its financial position deteriorated significantly. As a result, Ventino filed for protection from its creditors in year 2020.

Required:

Problem 1: In accordance with IAS 37/ MFRS 137 Provisions, Contingent Liabilities and Contingent Assets, explain the accounting treatment in the financial statements of Resbex Bhd. as at 31 December 2019 and 31 December 2020 in respect of the above situation.

Reference no: EM133007048

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