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Jeff Sdn Bhd prepares financial statements for the year ended 31 December 2019.The financial statements are expected to be authorized for issue on 15 Marchn2020. The following two events have occurred in January 2020:
Safety fine
A safety investigation of an incident that occured in 2018 was concluded in January2020 which penalized them from RM2 million. A provision for RMI million hadbeen recognised in Jefs financial statements for the year ended 31 December 2019.
Customer ceased operation
On 10 January 2020, they were informed that a customer who owed them RM2.5million as at 31 December 2019 has ceased its operation due to financial difficulties.
Required:
Question 1: llustrate the proper accounting treatments for the above two events in accordance with MFRS 110, Events afier. the Reporting Period.
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