IAS 10 Flashcards
What are adjusting events?
Provide evidence of conditions that existed at the reporting date
What are non-adjusting events?
Indicative of conditions that arose after reporting period
Settlement of a court case ongoing at reporting date
Adjusting event
Receipt of information that asset was impaired at reporting date
Adjusting event
Determination of proceeds of assets sold or assets brought before reporting period
Adjusting event
Determination of a bonus payment if constructive obligation to pay it at reporting date
Adjusting event
Discovery of fraud or errors resulting in incorrect FSs
Adjusting event
Acquisitions or disposals of subsidaries
Non-adjusting
Announcement of a plan to discontinue an operation or restructure operations
Non-adjusting
Purchase or disposal of assets
Non-adjusting
Destruction of asset through accident
Non-adjusting
Ordinary share transactions including issue of shares
Non-adjusting
Changes in asset prices, foreign exchange or tax rates
Non-adjusting
Commencement of litigation arising from an event after reporting period
Non-adjusting
Declaration of dividends after end of reporting period
Non-adjusting
Evidence of a permanent dimunition in property value prior to year end
Adjusting
Sale of inventory after reporting period for less than carrying value at year end
Non-adjusting
Insolvency of customer with balance owing at year end
Adjusting
Amounts received or paid in respect of legal or insurance claims which were in negotiation at year-end
Adjusting
Determination after year end of sale or purchase price of assets sold or purchased before year end
Adjusting
Evidence of permanent dimunition in the value of a long-term investment prior to year end
Adjusting
Discovery of error or fraud which shows FS were incorrect
Adjusting
Acquisition or disposal of subsidiary after year end
Non-adjusting
Announcement of a plan to discontinue operation
Non-adjusting
Major purchases and disposals of assets
Non-adjusting
Destruction of a production plant by fire after reporting period
Non-adjusting
Annoucement or commencing implementation of major restructuring
Non-adjusting
Share transactions after reporting period
Non-adjusting
Litigation commenced after reporting period
Non-adjusting
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?
Adjusting
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.
Non-adjusting
The settlement after the reporting date of a court case
Adjusting
The receipt of information that indicates that an asset was impaired at the reporting date
Adjusting
Discovery of fraud and error
Adjusting
Determination after the reporting period of the amount of profit-sharing or bonus payments
Non-adjusting event
Decline in market value of investments
Non-adjusting
Major business combination
Non-adjusting
Destruction of major production by fire
Non-adjusting
Abnormally large changes after the reporting date in asset prices
Non-adjusting
Change in foreign exchange rates relating to monetary balances?
Non-adjusting
A customer entered insolvency?
Is adjusting if conditions existed at end of reporting period. However, non-adjusting if after
Inventory being measured at lower of NRV and cost?
An adjusting event
