IAS 10 Flashcards
1
Q
What does IAS 10 cover?
A
It is for events after the reporting date.
Anything that happens between the year end date and the date the accounts are authorised for issue,
we must consider is it an adjusting or non adjusting event.
2
Q
What is an adjusting event?
A
An adjusting event is one that provides evidence of conditions that existed at the SOFP date.
3
Q
What is a non adjusting event?
A
It is an event that does not impact the SOFP at year end however you may need to include a disclosure note.
4
Q
If it’s IAS 10 and the event impacts the company, what else must we consider?
A
Are we a going concern? If not we need to restate the financial statements to a liquidation basis.
