Olio Puro Di Palermo (OPP), Is a World-Wide Distributor of Olives

Multiple Choice

Olio Puro di Palermo (OPP) , is a world-wide distributor of olives and olive oil. It grows most of its olives near San Vito lo Capo. Because of their sizable market in the United States as well as in other parts of the world, issues two sets of financial statements - one conforming to U.S. GAAP and one conforming to IFRS. The timeline of events is as follows:
$\bullet$ October 15: De Gaulle Olives (DGO) , a major French customer buys a third of the OPP's harvest for olive oil production in France.
$\bullet$ September 31: OPP's year end
$\bullet$ November 31: Financial statements are authorized by the board of directors
$\bullet$ December 1: DGO declares bankruptcy
$\bullet$ December 2: Financial statements are approved by the shareholders
$\bullet$ December 15: Financial statements are issued
Is the bankruptcy of DGO an adjusting or non-adjusting event?

A) U.S. GAAP - Adjusting; IFRS - Adjusting
B) U.S. GAAP - Adjusting; IFRS - Non-adjusting
C) U.S. GAAP - Non-adjusting; IFRS - Adjusting
D) U.S. GAAP - Non-adjusting; IFRS - Non-adjusting