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How comfort pty ltd should account for the inventory loss

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Reference no: EM132635927

Comfort Pty Ltd is a wholesaler of home furniture. The recent bushfire destroyed one of its warehouse located in Cooma, NSW. The inventory loss amounts to $180,000.

Required:

Problem 1: Discuss and justify how Comfort Pty Ltd should account for the inventory loss of $180,000 as an 'expense', in accordance with the definition and recognition criteria provided in the AASB Conceptual Framework.

Reference no: EM132635927

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