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Comfort Pty Ltd is a wholesaler of home furniture. The recent bushfire destroyed one of its warehouse located in Cooma, NSW. The inventory loss amounts to $180,000.
Required:
Problem 1: Discuss and justify how Comfort Pty Ltd should account for the inventory loss of $180,000 as an 'expense', in accordance with the definition and recognition criteria provided in the AASB Conceptual Framework.
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