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IAS 10 Events after the Reporting Period

IAS 10 Events after the Reporting Period prescribes when an entity should adjust its financial statements for events after the reporting period and the disclosures that an entity should give about the date when the financial statements were authorised and about events after the reporting period.

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Summary

Events occurring between the reporting date and the date on which the financial statement are authorised for issue should be classified as either adjusting or non-adjusting events.

  • Adjusting events provide further evidence of conditions that existed at the reporting date, and result in adjustment to the financial statements.
  • Non-adjusting events are indicative of a condition that arose after the end of the reporting period and do not result in adjustment to the financial statements. They should be disclosed if of such importance that non-disclosure would affect the ability of the users to make proper evaluations and decisions.
  • Where events after the reporting period indicate that the going concern assumption is not appropriate, these are adjusting events.
  • A dividend declared after the reporting period is a non-adjusting event.

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