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Accounting standard-4

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(Querist)
05 December 2008 if total machinery was destroyed by fire after the balance sheet date and before the board meeting and the loss was estimated . EXPLAIN WHETHER IT IS an adjusted event or not?
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
05 December 2008 Going concern assumption rendered invalid due to the said destruction. Hence it is an adjusting event.
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Jitender

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Jitender (Expert)
05 December 2008 if it is affecting going concern only then it is adjusting event otherwise not.




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