100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
IAS 10 Test (Events after the Reporting Period) Questions & Answers 2024/2025 R160,63
Add to cart
Quickly navigate to
Preview
  2.  
  3. IAS 10
  4.  
  5. IAS 10

Exam (elaborations)

IAS 10 Test (Events after the Reporting Period) Questions & Answers 2024/2025
 0 purchase
  • Course
  • IAS 10
  • Institution
  • IAS 10

IAS 10 Test (Events after the Reporting Period) Questions & Answers 2024/2025 True - ANSWERSThe objective of this Standard is to prescribe: (a) when an entity should adjust its financial statements for events after the reporting period; and (b) the disclosures that an entity should give abou...

[Show more]

Preview 2 out of 7  pages

Document information

  • September 7, 2024
  • 7
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • ias 10 test events after the reporting period qu

Written for

  • IAS 10
  • IAS 10

Seller

avatar-seller
Bensuda

Reviews received

Content preview

IAS 10 Test (Events after the Reporting
Period) Questions & Answers 2024/2025

True - ANSWERSThe objective of this Standard is to prescribe:

(a) when an entity should adjust its financial statements for events after the reporting period; and

(b) the disclosures that an entity should give about the date when the financial statements were
authorised for issue and about events after the reporting period.



par. 1



False - ANSWERSThe Standard also requires that an entity should prepare its financial statements on a
going concern basis even if events after the reporting period indicate that the going concern assumption
is not appropriate.



par. 1



True - ANSWERSThis Standard shall be applied in the accounting for, and disclosure of, events after the
reporting period.



par. 2



False - ANSWERSEvents after the reporting period are those events, favourable and not unfavourable,
that occur between the end of the reporting period and the date when the financial statements are
authorised for issue. Two types of events can be identified:

(a) those that provide evidence of conditions that existed at the end of the reporting period (adjusting
events after the reporting period); and

(b) those that are indicative of conditions that arose after the reporting period (non-adjusting events
after the reporting period).



par. 3

, True - ANSWERSThe process involved in authorising the financial statements for issue will vary
depending upon the management structure, statutory requirements and procedures followed in
preparing and finalising the financial statements.



par. 4



False - ANSWERSIn some cases, an entity is required to submit its financial statements to its shareholders
for approval after the financial statements have been issued. In such cases, the financial statements are
authorised for issue on the date when shareholders approve the financial statements, not the date of
issue.



par. 5



False - ANSWERSThe management of an entity completes draft financial statements for the year to 31
December 20X1 on 28 February 20X2. On 18 March 20X2, the board of directors reviews the financial
statements and authorises them for issue. The entity announces its profit and selected other financial
information on 19 March 20X2. The financial statements are made available to shareholders and others
on 1 April 20X2. The shareholders approve the financial statements at their annual meeting on 15 May
20X2 and the approved financial statements are then filed with a regulatory body on 17 May 20X2.



The financial statements are authorised for issue on 15 May 20X2 (date of board authorisation for issue).



par. 5



False - ANSWERSIn some cases, the management of an entity is required to issue its financial statements
to a supervisory board (made up solely of non-executives) for approval. In such cases, the financial
statements are authorised for issue when the management authorises them for issue to the general
public and not just to the supervisory board.



par. 6



True - ANSWERSOn 18 March 20X2, the management of an entity authorises financial statements for
issue to its supervisory board. The supervisory board is made up solely of non-executives and may

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R160,63. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

69052 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling
R160,63
  • (0)
Add to cart
Added