Nr077 conceptual framework and accounting standards pas 10 events after the reporting period

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PAS 10 Events after the Reporting PeriodLearning Objectives••Define events after the reporting period.State the accounting requirements for events after thereporting period.Conceptual Framework & Acctg. Standards (by: Zeus Vernon B. Millan)2Events after the Reporting Period•Events after the reporting period are “those events, favorableor unfavorable, that occur between the end of the reportingperiod and the date that the financial statements areauthorized for issue.”(PAS 10)Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)3Two types of events after the reporting period1.Adjusting events after the reporting period – are those thatprovide evidence of conditions that existed at the end of thereporting period.2.Non-adjusting events after the reporting period – those that areindicative of conditions that arose after the reporting periodConceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)4Date of authorization of the financial statements•This date is the date when management authorizes the financialstatements for issue regardless of whether such authorization forissue is for further approval or for final issuance to users.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)5Examples of adjusting events:1. The settlement after the reporting period of a court case thatconfirms that the entity has a present obligation at the end ofreporting period.2…. Purchase document to see full attachment

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