Events After the Reporting Period | PAS 10

Defining Events After the Reporting Period00:00:02

Explanation of events occurring between the end of the reporting period and the date the financial statements are authorized for issue by the board of directors.

Adjusting vs. Non-Adjusting Events00:03:24

Distinguishing between events that require adjustments to financial statement balances and those that only require disclosure in the notes.

Examples of Adjusting Events00:03:47

Detailed examples including settlement of court cases, impairment of assets, determination of profit-sharing/bonuses, and the discovery of fraud or errors related to the reporting period.

Examples of Non-Adjusting Events00:08:31

Overview of events requiring disclosure, such as business combinations, asset disposal, major fire damage, share transactions, and significant changes in foreign exchange or tax rates occurring after the reporting period.

Summary and Conclusion00:16:04

Concluding review of the criteria used to determine whether a post-reporting period event necessitates a balance adjustment or a formal disclosure.