Pls do not handwritten for easy reading === ===
Question:-
The following are mutually exclusive scenarios.
a) During 20X2 , a Singapore-incorporated company, JK Pte Ltd,discovered that the inventory as stated in the published 20X1statement of Financial Position was overstated by $150,000. JK PteLtd uses a periodic system and the First-In-First-Out cost method.Discuss and determine the accounting treatment of thisoverstatement in JK Pte Ltd's book based on FRS 8 AccountingPolicies, Changes in Accounting Estimates and Errors.
b) The draft financial report of LM Pte Ltd for the year ended 31Dec 20X1 was completed on 12 Mar 20X2. On 23 Mar 20X2, the board ofdirectors reviews the financial report and authorises it for issue.LM Pte Ltd announces its profit and other selected financialinformation on 3 Apr 20X2. The shareholders approve the financialreport at the annual meeting on 2 Jun 20X2 and the approvedfinancial report is then filed with the regulatory body on 11 Jun20X2. The objective of FRS 10. Events after the Reporting Period isto prescribe the treatment of events that occur after an entity'sreporting period has ended. With reference to the above scenario,explain what are "Events after the reporting period" and how theseevents should b accounted for.
