Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

IAS & IFRS Standards Overview > IAS 10 > Flashcards

IAS 10 Flashcards

1
Q

What are adjusting events?

A

Provide evidence of conditions that existed at the reporting date

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are non-adjusting events?

A

Indicative of conditions that arose after reporting period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Settlement of a court case ongoing at reporting date

A

Adjusting event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Receipt of information that asset was impaired at reporting date

A

Adjusting event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Determination of proceeds of assets sold or assets brought before reporting period

A

Adjusting event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Determination of a bonus payment if constructive obligation to pay it at reporting date

A

Adjusting event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Discovery of fraud or errors resulting in incorrect FSs

A

Adjusting event

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Acquisitions or disposals of subsidaries

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Announcement of a plan to discontinue an operation or restructure operations

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Purchase or disposal of assets

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Destruction of asset through accident

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Ordinary share transactions including issue of shares

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Changes in asset prices, foreign exchange or tax rates

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Commencement of litigation arising from an event after reporting period

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Declaration of dividends after end of reporting period

A

Non-adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Evidence of a permanent dimunition in property value prior to year end

A

Adjusting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Sale of inventory after reporting period for less than carrying value at year end

A

Non-adjusting

18
Q

Insolvency of customer with balance owing at year end

A

Adjusting

19
Q

Amounts received or paid in respect of legal or insurance claims which were in negotiation at year-end

A

Adjusting

20
Q

Determination after year end of sale or purchase price of assets sold or purchased before year end

A

Adjusting

21
Q

Evidence of permanent dimunition in the value of a long-term investment prior to year end

A

Adjusting

22
Q

Discovery of error or fraud which shows FS were incorrect

A

Adjusting

23
Q

Acquisition or disposal of subsidiary after year end

A

Non-adjusting

24
Q

Announcement of a plan to discontinue operation

A

Non-adjusting

25
Q

Major purchases and disposals of assets

A

Non-adjusting

26
Q

Destruction of a production plant by fire after reporting period

A

Non-adjusting

27
Q

Annoucement or commencing implementation of major restructuring

A

Non-adjusting

28
Q

Share transactions after reporting period

A

Non-adjusting

29
Q

Litigation commenced after reporting period

A

Non-adjusting

30
Q

I follow the revaluation model when it comes to PPE. So at the year end I had my cowshed revalued. The results came in 4 weeks after the year end but before the accounts were authorised for issue?

A

Adjusting

31
Q

I follow the revaluation model when it comes to PPE. So a month after the year end I had my cowshed revalued. The results came in 4 weeks later but before the accounts were authorised for issue. The cowshed showed an impairment because a week after the year end we were attacked by a rival bull crew from the mean fields of Manuresville.

A

Non-adjusting

32
Q

The settlement after the reporting date of a court case

A

Adjusting

33
Q

The receipt of information that indicates that an asset was impaired at the reporting date

A

Adjusting

34
Q

Discovery of fraud and error

A

Adjusting

35
Q

Determination after the reporting period of the amount of profit-sharing or bonus payments

A

Non-adjusting event

36
Q

Decline in market value of investments

A

Non-adjusting

37
Q

Major business combination

A

Non-adjusting

38
Q

Destruction of major production by fire

A

Non-adjusting

39
Q

Abnormally large changes after the reporting date in asset prices

A

Non-adjusting

40
Q

Change in foreign exchange rates relating to monetary balances?

A

Non-adjusting

41
Q

A customer entered insolvency?

A

Is adjusting if conditions existed at end of reporting period. However, non-adjusting if after

42
Q

Inventory being measured at lower of NRV and cost?

A

An adjusting event

IAS & IFRS Standards Overview (73 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions