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CIMA Financial Reporting F1 Question # 36 Topic 4 Discussion

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CIMA Financial Reporting F1 Question # 36 Topic 4 Discussion

F1 Exam Topic 4 Question 36 Discussion:
Question #: 36
Topic #: 4

UV's financial statements for the year ended 31 March 20X8 were approved for publication on 30 June 20X8.

In accordance with IAS 10 Events After the Reporting Period, which of the following material events would have been classified as a non-adjusting event in these financial statements?
A.

On 1 June 20X8 UV's auditors discovered that an error in valuation had caused the closing inventory to be overvalued by $150,000.

B.

On 10 April 20X8 UV received a communication stating that one of its customers had ceased trading and gone into liquidation. The balance outstanding at 31 March 20X8 was unlikely to be paid.

C.

On 1 June 20X8 UV was awarded damages of $70,000 in respect of a legal claim that it had made against the local government authority in October 20X7.

D.

On 28 April 20X8 a fire destroyed half of UV's main production facility. Output was severely reduced for six months.

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Actual exam question for CIMA F1 exam by Echo6406 at Aug 6, 2025, 7:14:31 AM

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