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How should be treated in the financial report

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Reference no: EM132743651

It is 26 August 2020 and you are in the process of completing the financial report audit for Falafel-tech Enterprises for the year ended 30 June 2020.

You discover that Falafel-tech Enterprises has had to heavily discount a large portion of the stock they had on hand at 30 June 2020. The reduction in selling price is believed to be due to the release of a superior product by Falafel's major competitor, Bean&Seed Technologies. Bean&Seed Technologies released their new product on 2 August 2020.

Required:

Problem 1: Explain how this should be treated in the financial report. In your explanation, identify any further information you require to arrive at a conclusion as to the appropriate treatment.

Reference no: EM132743651

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