EVENTS AFTER THE REPORTING PERIOD (IAS 10)

Question 1

What are events after the reporting period? How are calculated?

Answer 1

Are favourable or unfavourable event, that occurs between the reporting date and the date that the financial statements are authorised for issue.

• Difference between adjusting subsequent events and non adjusting subsequent events.

Question 2

What is an adjusting event?

Answer 2

Is an event after the reporting date that provides further evidence of conditions that existed at the reporting date.

Question 3

What is a non-adjusting event?

Answer 3

Is an event after the reporting date that is indicative of a condition that arose after the reporting date.

Question 4

Whith which conditions are adjusted financial statements?

Answer 4

Financial statements are ajusted for conditions that existed at reporting date.

Question 5

What fact is the entity required to disclose?

Answer 5

If the entity’s owners or others have the power to amend the financial statements after issue, the entity is required to disclose that fact