October 2012
Intermediate to advanced
792 pages
27h 49m
English
book
Wiley International Trends in Financial Reporting under IFRS: Including Comparisons with US GAAP, Chinese GAAP, and Indian GAAP
by Abbas A. Mirza, Nandakumar Ankarath
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CHAPTER 6
Events after the Reporting Date (IAS 10)
1. OBJECTIVE
1.1 This Standard prescribes the circumstances under which an entity should adjust its financial statements for events that occur after the end of the reporting period. It also prescribes the related disclosures that an entity should furnish about the date when the financial statements were authorized for issue and about the events that have occurred after the reporting period.
2. SYNOPSIS OF THE STANDARD
This Standard, which shall be applied in the accounting for, and disclosure of, events after the reporting date, is summarized next.
2.1 The events that occur between the reporting date and the date when the financial statements were legally authorized for issue (referred to as authorization date) can have an influence on the financial position and financial results of the entity that are determined at the reporting date. Although some events that occur can have an impact on the financial position and financial results of the reporting period, others may not have any financial impact but will need to be disclosed in the financial statements so that the users of the financial statements can make informed decisions with respect to the entity.
2.2 Events after the reporting date can be classified as adjusting events after the reporting period and nonadjusting events after the reporting period.
2.3 Adjusting events after the reporting period are those events which provide evidence of conditions that existed at the end ...
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