Reference no: EM132662651
GLOCESEX bhd. is a glove manufacturing company based in Penang and has its accounting year end on 31 May. For the year ended 31 May 2017, its financial statements were authorixed for issue by its directors on 2 September 2017.
The following material events had occurred after the year end of 31 May 2017:
(a) On 16 June 2017, it was discovered that the cost of sales for the year ended 31 May 2017 was understated by RM500,000. The accounts officer made the error unintentionally.
(b) The warehouse of Ina was partially flooded on 1 July 2017, causing damage to some its inventories. The carrying amount of the damaged inventories was RM222,000.
(c) On 22 July 2017, a production worker of Ina was injured while performing his duty. The worker initiated a legal action against Ina on 30 August 2017 to claim for compensation.
Required:
Problem 1: In accordance with IAS 10 Events after the Reporting Period, discuss how each of the above material events should be dealt with in the financial statements of Ina Bhd. for the year ended 31 May 2017.
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