Q. When after the end of the reporting period an event occurs that is indicative of conditionsthat arose after the end of the reporting period: (Solved)
1. The entity discloses the nature and effect of the event in the financial statements.
2. The entity adjusts the related amounts recognised in the financial statements.
3. Both of the above statements are true.
4. None of the above
- a. The entity discloses the nature and effect of the event in the financial statements.