IAS 10

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What is meant non adjusting events in IAS 10?



Non adjusting events are events after reporting period that are indicative of the condition that arose after reporting period. These events occur after reporting period therefore their effects can not lead to adjustments on the figures in the financial statements.

Disclosure should be made in the financial statements of significant non adjusting event after the … Read the rest

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 … Read the rest

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IAS 10 – All you need to know

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Events after reporting period are those events favorable or unfavorable, that occur between the end of the reporting period and the date on which the financial statement are authorized for issue. Events after reporting period are divided into adjusting events and non-adjusting events.
 
Adjusting events these are events that provide evidence of the conditions that existed at the reporting
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2020 Updated list of International Accounting Standards (IAS)

The following are the list of updated international accounting standards (IAS) in 2020:

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Illustrated example of how to answer question on IAS 10.

There is usually a lead time between the end of an entity accounting year and when the financial statements are approved and signed off by directors. In between this period, there are two types of events according to IAS 10 – events after the reporting period, which may require consideration when preparing financial statements
You are required to:
Identify and … Read the rest

Revision question on IAS 10 (NBAA May 2017)

(a) Consider the following list of events that occurred between 31st December 2016(reporting date) and 31st March 2017 (date of authorization of financial statement for issue) and decide which one you would classify as adjusting events and which are non-adjusting events.  You should also state clearly the treatment that you are proposing in each case.
(i) The … Read the rest