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How events be reported in the Financial Statements

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Question -

Part A - Hooda Corporation completed and issued its financial statements following IFRS for the year ended December 31, 2019, on March 10, 2020.

i. On January 19, 2020 Jason Corporation issued 20,000 preferred shares at $55 per share.

ii. On February 25, 2020 Jason Corporation settled a lawsuit for $500,000. A loss of $475,000 had been accrued in the 2019 year.

iii. On March 1st, 2020 the Company decided to change their major inventory supplier over quality concerns. As a result COGS is anticipated to increase $600,000.

How should each of these events be reported in the Financial Statements for the 2019 fiscal year? What are the journal entries that are required for the 2019 year? Consider each event separately.

Part B - Are the notes to the Financial Statements mandatory or voluntary? How do the notes provide useful information?

Reference no: EM132573291

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