July 2012
Beginner to intermediate
256 pages
6h 54m
English
book
IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition
by Thomas Muller-Marques Berger
Content preview from IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition
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IPSAS 14: Events after the Reporting Date
Objective
The objective of IPSAS 14 is to prescribe:
a) When an entity should adjust its financial statements for events after the reporting date
b) The disclosures that an entity should give about the date when the financial statements were authorized for issue and about events after the reporting date
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).
The IFRS on which the IPSAS is based
IAS 10, Events after the Balance Sheet Date
Content
Principal definitions
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:
a) Events after the reporting date that provide evidence of conditions that existed at the reporting date (adjusting events after the reporting date)
b) Events after the reporting date that are indicative of conditions that arose after the balance sheet date (non-adjusting events after the reporting date)
In order to determine which events satisfy the definition of events after the reporting date, it is necessary to identify both ...
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