Settlement of litigation when the event giving rise to the claim took place after the balance sheet date requires financial statement disclosure only.

Name: Settlement of litigation when the event giving rise to the claim took place after the balance sheet date requires financial statement disclosure only.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If the event giving rise to the claim occurred after the balance sheet date, it is considered a non-adjusting event, requiring only disclosure in the financial statements, not adjustment.

Settlement of Litigation When the Event Giving Rise to the Claim