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Explain how a policy of providing a refund for customers

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Reference no: EM132761407

The following notice recently appeared in Woolworths Supermarkets Stores:

"From 1 September 2020 until further notice we have changed our policy and we will not provide a refund where you have simply changed your mind about products purchased at Woolworths."

Problem 1: Discuss how a policy of providing a refund for customers that have simply changed their mind should be accounted for under accounting standards. Also, discuss how Woolworths should account for their change in policy.

Reference no: EM132761407

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