20. IAS 10: Events after the Reporting Period

Question 1

What are events after the reporting period?

Answer 1

Events that occur between the date of the Statement of Financial Position, and the date on which the statements become finalised.

Question 2

What is an adjusting event?

Answer 2

Events that provide additional evidence regarding the estimation of an amount at the SoFP date.

For these events, the financial statements are changed.

Question 3

What is a non-adjusting event?

Answer 3

Events that do not affect the value of assets and liabilities at the SoFP date.

The financial statements are not changed, but details will be given by way of note if the amount is material.