big error
IAS 10 - Events after the reporting period - TutnIQ
Table of contents X
  • Disclosure

  • Date of authorization of the financial statements

    The financial statements must disclose:

    • The date on which the financial statements were authorized for issue;
    • Who authorized the financial statements for issue; and
    • Whether the entity's owners, or others, have the power to change the financial statements after they have been issued.

    Adjusting events

    The amounts in the financial statements and related disclosures must be updated to reflect the effect of the new information. It is not necessary to disclose that there has been an event after the reporting period, as the actual financial statement amounts will have been adjusted.

    Non-adjusting events

    Non-adjusting events are disclosed if material. The nature of the event and estimate of the financial effect must be given. [Tip: Do not forget the tax effect]. If an estimate cannot be made, a statement to that effect must be made.

    When is an event considered material?

    An event is material if knowledge of the event could influence the economic decisions of the users of the financial statements.

  • Which of the following should be disclosed per IAS 10?

    Please select the correct answer(s):

    out of points awarded.

    Unregistered users can only do the first 5 questions. Please register and sign in!

« Previous
[Section: 4 of 5]

Sharing is caring!

About the author

Course stats

My progress

Find related courses