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A newly appointed accountant of a limited company that the net profit for the year amounted to Rs. 750,000 after charging a fake expense by fraudulent activities of Rs. 85,000 committed by the manager last year but discovered in the current year.
Discuss the accounting treatment of the above case in the light of IAS 8.
ABC limited started its operations on August 1st, 2012. On July 31st, 2013, before presentation to the board of directors for approval, the company’s first audited financial statements revealed that as per the local laws, it was to construct and maintain an in-house workers’ canteen within six months from start of the commercial production. The canteen used was to provide subsidized meals to its workers. Construction cost of such canteen was Rs. 1.6 million whereas the cost of running it was 284,000 per month. As the company has failed to comply the legal requirement, the legal authorities have penalized it to the sum of Rs. 35,000. This amount has also not been considered in the annual accounts.
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