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Comport Pty Ltd is a wholesaler of home furniture. The recent bushfire destroyed one of its...

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Accounting

Comport Pty Ltd is a wholesaler of home furniture. The recentbushfire destroyed one of its warehouse located in Sydney. Theinventory loss amounts to $180,000.

Required: Discuss and justify how Comfort Pty Ltd should accountfor the inventory loss of $180,000 as am 'expense', in accordancewith the definition and recognition criteria provided in the AASBconceptual framework

Answer & Explanation Solved by verified expert
3.8 Ratings (619 Votes)
The Australian Accounting Standards Board made Accounting Standard AASB 102 Inventories under section 334 of the Corporations Act 2001 on 24 July 2015 The cost of inventories may not be    See Answer
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