TAILIEUCHUNG - Lecture Framework of financial reporting - Lecture 20

Lecture 20 - Events after the reporting period date IAS 10. Events after the reporting period are those events, both favourable and unfavourable, which occur between the reporting date and the date on which the financial statements are approved for issue by the board of directors. | Revise lecture 20 1 Events after the reporting period date IAS 10 2 Events after the reporting period date IAS 10 Events after the reporting period are those events, both favourable and unfavourable, which occur between the reporting date and the date on which the financial statements are approved for issue by the board of directors 3 Events after the reporting period date IAS 10 What are adjusting events and non-adjusting events? 4 Events after the reporting period date IAS 10 Adjusting events Adjusting events are events after the reporting date which provide additional evidence of conditions existing at the reporting date. 5 Adjusting events These events provide additional evidence of conditions existing at the reporting date. For example, irrecoverable debts arising one or two months after the reporting date may help to quantify the allowance for receivables as at the reporting date. Adjusting events may, therefore, affect the amount at which items are stated in the reporting. 6 Adjusting events Examples of adjusting events 1. The settlement after the reporting date of a court case which confirms a year end obligation. 2. The receipt of information after the reporting date that indicates that as asset was impaired at the reporting date. 7 Adjusting events Examples of adjusting events 3. The bankruptcy of a customer after the reporting date that confirms that a year-end debt is irrecoverable. 4. The sale of inventories after the reporting period at a price lower than cost. 8 Adjusting events Examples of adjusting events 5. The determination after the reporting date of the cost of assets purchased or proceeds from assets sold before the reporting date. 6. The discovery of fraud or errors showing that the financial statements are incorrect 9 Non-adjusting events These are events arising after the reporting date but which do not concern conditions existing at the reporting date. Such events will not, therefore, have any effect on items in the reporting or income .

• Tài chính doanh nghiệp
• Financial Reporting
• Framework of financial reporting
• Lecture Framework of financial reporting
• Regulatory system
• Financial statements
• Adjusting events
• Reporting financial performance
• Reporting financial performance
• Financial accounting
• International financial reporting standards
• Financial reporting standards
• Merchandising operations
• Internal control
• Stockholders’ equity
• Financial statement analysis
• Financial information
• Economics of accounting information
• Computer associates international
• Financial reporting for leases
• Lease contracts
• Lessee accounting
• International financial reporting
• Conceptual framework
• Financial position
• Interpreting financial statements
• Consolidated financial statements
• Financial statements comprises
• Corporate financial reporting
• Group financial statements
• Sustainability reporting
• Reporting through XBRL
• Government accounting in india
• Regulatory framework
• Contingent liabilities