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level: Events after the reporting period

Questions and Answers List

level questions: Events after the reporting period

QuestionAnswer
In the context of IAS 10 – Events after the reporting period – what is the treatment of a non-adjusting event?The financial statements are not amended to reflect the event, but it is disclosed by way of a note if material.
In the context of IAS 10 – Events after the reporting period – what is the treatment of an adjusting event?The financial statements are amended to reflect the event.
What are events after the reporting period in accordance with IAS10?"Those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue."
What are some examples of adjusting events?The settlement after the reporting date of a court case which confirms a year end obligation.
What is an example of a non-adjusting event?Announcing a plan to discontinue an operation.