5.Events after the reporting period are favorable or unfavorableevents that occur betweena.The end of the reporting period and the date of the nextannual financial statementsb.The end of the reporting period and the date of the nextinterim or annual financial statementsc.The end of the reporting period and the date when thefinancial statements are authorized for issued.The end of reporting period and the date of the nextinterim statements Show
6.Adjusting events are those that  7.Non adjusting event include all,except We have textbook solutions for you!The document you are viewing contains questions related to this textbook. Fraud Examination Albrecht/Albrecht Expert Verified d.A mistake in the calculation of allowance for uncollectibleaccounts receivable 8.Events that occur after the current year-end but before thefinancial statements are issued and affect the realizability ofaccounts receivable should bea.Discussed only in the management annual reportb.Discussed only in the notes to financial statementsc.Used to record an adjustment to bad debt expensed.An adjustment directly to retained earnings 9.At the end of the current reporting period, an entity carried areceivable from a major customer who declared bankruptcyafter the end of reporting period and before the issuance offinancial statements. What should be reported at the currentyear-end? 10.An entity decided to build and operate an amusement park nextyear. The entity has applied for a letter of guarantee which wasissued before the issuance of the financial statements of thecurrent year. What is the adjustment required at the currentyear-end? AboutIAS 10 prescribes:
Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue. The two types of events are:
An entity adjusts the amounts recognised in its financial statements to reflect adjusting events, but it does not adjust those amounts to reflect non-adjusting events. If non-adjusting events after the reporting period are material, IAS 10 prescribes disclosures. Standard historyIn April 2001 the International Accounting Standards Board (Board) adopted IAS 10 Events After the Balance Sheet Date, which had originally been issued by the International Accounting Standards Committee in May 1999. IAS 10 Events After the Balance Sheet Date replaced parts of IAS 10 Contingencies and Events Occurring After the Balance Sheet Date (issued in June 1978) that were not replaced by IAS 37 Provisions and Contingent Assets and Contingent Liabilities (issued in 1998). In December 2003 the Board issued a revised IAS 10 with a modified title—Events after the Balance Sheet Date. This revised IAS 10 was part of the Board’s initial agenda of technical projects. As a result of the changes in terminology made by IAS 1 Presentation of Financial Statements in 2007, the title of IAS 10 was changed to Events after the Reporting Period. Other Standards have made minor consequential amendments to IAS 10. They include IFRS 13 Fair Value Measurement (issued May 2011), IFRS 9 Financial Instruments (issued July 2014) and Definition of Material (Amendments to IAS 1 and IAS 8) (issued October 2018). What are events that occurred after the date on the balance sheet but before the financial statements have been issued called?A subsequent event is an event that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. Depending on the situation, such events may or may not require disclosure in an organization's financial statements.
What is meant by events after by events after the date of the statement of financial position?The definition in IAS 10 is: Events after the balance sheet date are those events, both favourable and unfavourable, that occur between the balance sheet date and the date when the financial statements are authorised for issue.
What are events after the reporting date?Events after the reporting date are all events, both favorable and unfavorable, that occur between the reporting date and the date when the financial statements are authorized for issue, even if those events occur after the publication of an announcement of the surplus or deficit, the authorization of the financial ...
When after the end of reporting period an event occurs?Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue.
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Events that occur after the current year end but before the financial statements
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