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Why an adjustment or disclosure may or may not be required

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Reference no: EM132573574

Hall Ltd's financial year ended on 30 June 2020. The following events occurred between the end of the reporting period and the date the directors of Hall Ltd expect to authorise the financial statements for issue:

  1. On 30 July 2020, the directors recommend a final dividend of $5 per share.
  2. On 21 August 2020, the purchasing manager discovered that a batch of invoices relating to June inventories purchases had not been processed. The invoices totaled $15,000.

REQUIRED

Question 1: For each of the above material after-reporting-period events, state the reason why an adjustment or disclosure may or may not be required in the 30 June 2020 financial statements. Assume the above events would not significantly affect the going-concern assumption for Hall Ltd.

Note: You are not required to draft any financial statement notes or provide any journal entries.

Reference no: EM132573574

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