Events After Reporting Period

Question 1

Adjusting events after reporting period

Answer 1

• Events that provide evidence of conditions that existed at the end of the reporting period
• post journal entries in current year

Question 2

Non-adjusting events after reporting period

Answer 2

• Events that are indicative of conditions that arose after the reporting period
• no connection to the financial statement
• if it is material then disclose it in the notes