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Question - Wattle Ltd is in the process of completing its financial reports for the period ended 30 June 2014 when its accountant completes the collection of information about the realisable value of inventory as at reporting date. A number of items are reflected at a cost greater than net realisable value with a material effect on the accounts. What treatment does AASB 110 require for this event?
a. The effect on the accounts should be disclosed in the notes to the financial statements.
b. The financial statements should be adjusted to reflect the impact of the event.
c. It should be disclosed in the Directors' Declaration.
d. No disclosure is required.
Why is cash-basis accounting generally considered unacceptable for pension plan accounting? What are some examples of cash flow hedge?
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