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CFAS > IAS 10 - EVENTS AT THE END OF REPORTING PERIOD > Flashcards

IAS 10 - EVENTS AT THE END OF REPORTING PERIOD Flashcards

1
Q

This is when the reporting date occurs in calendar year.

A

December 31

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2
Q

This is when the starting date occurs in calendar year.

A

January 10

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3
Q

This is when the FS is authorized and approved by shareholders for issuance and end of audit during calendar year.

A

March 25

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4
Q

This is when the deadline of filing to BIR during calendar year.

A

April 15

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5
Q

Events that occur on or before Dec 31.

A

Adjusting Events

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6
Q

Events that occur after Dec 31 and needs to disclose in the notes to financial statements

A

Non- Adjusting Events or for Disclosure

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7
Q

If non-adjusting events are material, non- disclosure could influence the economic decision of users taken on the basis of the financial statements

True or False?

A

True

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8
Q

What is the standard that follows the IAS 10?

A

PAS (Philippine Accounting Standards) 10

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9
Q

According to the scope of PAS 10, these are events whether favorable or unfavorable, that occur between the end of reporting period and the date on which the financial statements are authorized for issue.

A

Events after the reporting period

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10
Q

Events after the reporting period are also known as and may require either adjustment or disclosure

A

Subsequent events

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11
Q

What are the types of events after reporting period?

A

Adjusting events and Non- adjusting events

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12
Q

Are those that provide evidence of condition that exist at the end of the reporting period.

A

Adjusting events

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13
Q

Are those that are indicative of conditions that arise after the end of the reporting period.

A

Non- adjusting events

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14
Q

Settlement after the reporting period of a court case because it confirms that the entity already had a present obligation at the end of the reporting period.

What kind of events after reporting period is this?

A

Adjusting event

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15
Q

Sale of inventories after the reporting period may give evidence about the net realizable value at the reporting date.

What kind of events after reporting period is this?

A

Adjusting event

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16
Q

The determination after the reporting period of the cost of assets purchased or the proceeds from assets sold before the end of reporting period.

What kind of events after reporting period is this?

A

Adjusting event

17
Q

The discovery of fraud or errors that show the financial statements were incorrect.

What kind of events after reporting period is this?

A

Adjusting event

18
Q

What are the treatments for adjusting events?

A

Bad debts written off or provided for

Inventory written down to NRV is lower than cost

Provision made for payments due under a legal case

19
Q

Business combination after the reporting period.

What kind of events after reporting period is this?

A

Non-adjusting event

20
Q

Plan to discontinue an operation.

What kind of events after reporting period is this?

A

Non-adjusting event

21
Q

Major purchase and disposal of asset or expropriation of major asset by government.

What kind of events after reporting period is this?

A

Non-adjusting event

22
Q

Destruction of major production plant by the fire after the reporting period.

What kind of events after reporting period is this?

A

Non-adjusting event

23
Q

Announcing or commencing the implementation of a major restructuring.

What kind of events after reporting period is this?

A

Non-adjusting events

24
Q

What are the non-adjusting event treatments?

A

The nature of the event: and

An estimate of its financial effect, or a statement that such an estimate cannot be made

25
Q

On what principle basis does entity shall not prepare financial statements if events after the reporting period indicate that the entity shall not be able to continue as irrespective of whether such events are indicative of conditions that arose after the end of reporting period or not?

A

Going concern principle

26
Q

If financial statements are not prepared on the going concern basis, it shall disclose this fact in the financial statements along with any major uncertainties that may cast considerable doubt regarding the entity’s ability to operate as a going concern.

True or False?

A

True

27
Q

PAS 10, paragraph 11, An entity shall disclose the date when the financial statements were authorized for issue and who gave that authorization.

PAS 10, paragraph 11, An entity shall disclose the date when the financial statements were authorized for issue and who gave that authorization.

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

True or False?

A

True

CFAS (5 decks)

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