Fleetwood, Inc. is a privately held Chicago based company with an August 31st fiscal year end. On September 10th, 2022 the company’s warehouse suffered damage due to a fire. The company had property insurance on the facility but had a deductible of $200,000 so the company incurred a loss of $200,000 which is a significant loss for the company.
On September 14, 2022, the accounting staff was in the process of finalizing the August 31, 2022 financial statements. The company was planning on sharing the financial statements with their lenders. One of the staff accountants questioned if the loss from the fire should be included in the August 31, 2022 financial statements since the event occurred prior to the release of the financial statements and since it is a material amount
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Accounting Issue: Should the $200,000 loss from the fire that occurred on September 10, 2022 be included in the August 31st, 2022 financial statements? |
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