EVENTS AFTER THE REPORTING PERIOD
The following are the list of updated international accounting standards (IAS) in 2020:
- IAS 1 – Presentation of financial statements.
- IAS 2 – Inventories.
- IAS 7 – Statement of cash flows.
- IAS 8 – Accounting policies, changes in accounting estimates and errors.
- IAS 10 – Events after the reporting period.
- IAS 12 – Income taxes.
- IAS 16 – Property,
You have been requested by your audit senior to prepare training materials for audit trainees on ISA 560: Subsequent events.
Prepare a brief presentation which discusses:
(i) The two types of subsequent events, giving examples of each.
(ii) The relationship between “going concern” and the “types of subsequent event”. … Read the rest
Akakpo Ltd obtained a license free of charge from the government to dig and operate a gold mine. Akakpo Ltd spent TZS 6 million diggings and preparing the mine for operation and erecting buildings on site. The mine commenced operations on 1 September 2014. The license requires that at the end of the mine’s useful life of 20 years, the … Read the rest