FRS 21 has been superseded by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland for accounting periods beginning on or after 1 January 2015. For more information visit:

• icaew.com/newukgaap

Synopsis

FRS 21 is the equivalent of IAS 10 Events after the Reporting Date. 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.

• Read FRC Summary on FRS 21

Last updated 21 June 2015