Events after the reporting date

Question 1

What are Events after the reporting period?

Answer 1

These are favourable or unfavourable events that occur between the end of the reporting period and the date the AFSs are authorized for issue.

Question 2

What are the types of events after the reporting period?

Answer 2

There are Two types of events:

1) Adjusting events:
Provide evidence of conditions that existed at
the end of the reporting period.

2) Non-adjusting events:
Are indicative of conditions that arose after the reporting period.

Question 3

What should be disclosed about events after the reporting period?

Answer 3

The following should be disclosed:

– The date when the AFS were authorized for
issue and who gave the authority.

– In the case of
material non-adjusting events after the reporting period, disclose:

• The nature of the event; and
• An estimate of its financial effect or a statement to
  the effect that such an estimate cannot be made.