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IAS 10 Exam Questions & Answers 2024/2025
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IAS 10 Exam Questions & Answers 2024/2025
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IAS 10 Exam Questions & Answers2024/2025
To What does it Apply? - ANSWERSTo the accounting for and disclosure of events that transpired after
the reporting period.
Events After the Reporting Period - ANSWERSThese 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 - ANSWERS* 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 - ANSWERSAn 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 - ANSWERSAn 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 - ANSWERSThe 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 - ANSWERS* 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.
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