New Orders Ltd (NOL) is a retailer of electronics appliances operating in Hong Kong. During its financial year ended 28 February 2021 (with issue date

New Orders Ltd (NOL) is a retailer of electronics appliances operating in Hong Kong. During its financial year ended 28 February 2021 (with issue date on 5 March 2021), the following transactions have taken place: (i) Restructuring plans NOL had announced two major restructuring plans with implementation details. The first plan is to reduce its capacity by the closure of two of its retail outlets. This will lead to the redundancy of 20 employees who have all been informed. The costs of this plan are $300,000 in redundancy costs, $200,000 in retraining costs and $50,000 in lease termination costs. The second plan is to reorganize the finance and information technology department over a one-year period but this will not implement until two years later. The plan results in 20% of finance staff losing their jobs during the restructuring. The costs of this plan are $225,000 in redundancy costs, $300,000 in retraining costs and $200,000 in lease termination costs. None of the parties affected by the plan are informed. (a) Discuss how each of the above events should account for in the financial statement of NOL for the year ended 28 February 2021 with reference to relevant HKFRSs

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