Events After The Rorting Period

Question 1

What are adjusting events?

Answer 1

Events after the BS date that provide evidence of conditions that existed at time of the BS date

Question 2

What are non adjusting events?

Answer 2

Events after the BS date that are indicative of conditions after the BS date

Question 3

What is the treatment and disclosure of non adjusting and adjusting events

Answer 3

Adjusting event= adjust and disclose as needed

Non adjusting events= do nothing unless it is material, then simply disclose

Question 4

What are the two types of events?

Answer 4

Adjusting events and non adjusting events