Ch. 33 - Events After the Reporting Period

Question 1

Two types of subsequent events:

Answer 1

1. Adjusting events - conditions that existed at year-end

2. Non-adjusting events - conditions that arose after year-end

Question 2

What to do with adjusting events

Answer 2

adjust in the FS

Question 3

What to do with non-adjusting events

Answer 3

disclose in the FS

1. the nature of the effect
2. an estimate of financial effect or the fact that an estimate cannot be made

Question 4

Going-Concern changed after year-end, what to do

Answer 4

Prepare FS on a liquidation basis

Question 5

subsequent events - IAS #

Answer 5

10

Question 6

subsequent events - ASPE #

Answer 6

3820

Question 7

Difference in ASPE/IFRS - subsequent event period end

Answer 7

ASPE - the completion date

IFRS - the authorization date