events after reporting period

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Revision question on IAS 10 – events after reporting period.

Suame Ltd is a listed telecommunication company that prepares its financial statements for the year ended 31 October 2015 in accordance with IFRS. The financial statements are due to be authorized for issue on 15 January 2016.

i)    Suame Ltd holds an investment in the shares of a listed company, Asafo Ltd. During November 2015 there was a materialRead the rest

Absolute assurance in auditing - meaning

Adjusting events after reporting period – meaning

According to IAS 10 events after reporting period adjusting event is an event after reporting date that provides further evidence of conditions that existed at the reporting date

Examples of adjusting events are

  • Discovery of fraud or errors that show the financial statements are incorrect
  • Determination after reporting date of cost of assets purchased or proceeds from asset sold, before
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