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Question - Halm plc held inventory in stock on 31 December 2020 at a cost of £4 per unit. On 6 January 2021, Halm plc sold the inventory for £3 per unit. Halm plc's audited annual report is typically published by the end of March following the financial year-end of 31 December. How should Halm plc account for this event after the reporting period in their financial statements for the period ended 31 December 2020?
A. Halm should not make any changes to their financial statements as of 31 December 2020, because the sale relates to the next reporting period.
B. Halm should adjust their inventory balance to the lower net realisable value of £3 per unit in the statement of financial position as of 31 December 2020.
C. Halm should not make any changes to the financial statements as of 31 December 2020, but Halm should disclose information about the sale in the notes to the financial statements.
D. Halm should make a provision for the expected loss to be made in the next reporting period.
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