What is statistical sampling?

What is meant by events after reporting period?

It is normal that financial statements take some time after the year-end to be finalized, audited and approved for issue by board of directors. Event after reporting period are those events, favourable or unfavourable, that occur between the reporting date and the date when the financial statements are authorized for issue.

There are two types of events after reporting period, adjusting event and non adjusting events.

The guidelines or standard dealing with how to account for events after reporting period is IAS 10 events after reporting period

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