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IAS 10 Exam - Events After the Reporting Period Solved
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IAS 10 Exam - Events After the Reporting Period Solved
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IAS 10 Exam - Events After the Reporting Period Solved 100%To What does it Apply? - ANS-To the accounting for and disclosure of events that transpired after the reporting period.
Events After the Reporting Period - ANS-These are events that occur after the year end of an entity and before the authorization date for the issue of financial statements.
Authorization of Issue Date - ANS-* This is the date when the board authorizes the issue. * If management is required to submit the financial statements to a supervisory board, the date of issue is regarded as the day that management authorizes it for issue to the supervisory board.
Adjusting Event - ANS-An event that occurs after the reporting period, which provides evidence that conditions existed during or at the end of the period to indicate that such an event would occur.
Non-Adjusting Event - ANS-An event that occurs after the reporting period, which provides no evidence that conditions existed during or at the end of the period to indicate that such an event would occur.
Accounting for Adjusting Event - ANS-The amounts will be adjusted to reflect the effect of an event as though such an event had occurred at the during the reporting period.
Examples of Adjusting Events - ANS-* The settlement after the reporting period of a court case. * Information received indicating an impairment of an asset. * Determination of the cost of assets or proceeds from assets sold. * Determination after the period of profit-sharing or bonus payments. * Discovery of fraud or errors.
Accounting for Non-Adjusting Events - ANS-No adjustment of the amounts in the financial statements will occur. * Dividends declared after reporting period will not be an adjusting event.
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