If an Entity Receives Information After End of Reporting Period

If an entity receives information after end of reporting period that one of its assets was impaired at end of reporting period by a material amount it must:

A) adjust the amounts recognised in the financial statements to reflect the impairment;
B) notify all shareholders in writing;
C) disclose the impairment in the notes but not recognise the amount in the financial statements;
D) include the impairment loss as a contingent liability.

Correct Answer:

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