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

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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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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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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