The objective of IPSAS 14 is to prescribe:
The standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting date indicate that the going concern assumption is not appropriate (IPSAS 14.1).
IAS 10, Events after the Balance Sheet Date
Events after the reporting date are those events that occur between the reporting date and the date when the financial statements are authorized for issue. These events can be favorable and unfavorable for an entity.
Reporting date means the date of the last day of the reporting period to which the financial statements relate.
IPSAS 14.5 distinguishes between two types of events:
In order to determine which events satisfy the definition of events after the reporting date, it is necessary to identify both ...