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How this fraud should be accounted

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Reference no: EM133126306

Question - Wiley Ltd is preparing its financial statements for the financial year ended 30 June 2021 when it discovers a fraud has taken place in the previous financial year.  An employee who left in May 2020 has taken a total of $12m from the business, diverting funds into their private bank account. Wiley Ltd does not know how to account for this and wishes to disclose this as an item in the other comprehensive income statement as it will have a material effect on the results for the year. The profit for the period before adjusting for the fraud is $30m and opening retained earnings are $265. Advise the directors of Wiley Ltd how this fraud should be accounted for under AASB108.

Reference no: EM133126306

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