The accounting standard IAS 10 sets out when entities should adjust their financial statements for events after the reporting period and the disclosures that should be given about the date when the financial statements were authorised for issue. 36-52) Reimbursements (paras. Shariq Chaudhry +923138577400 shari_ch400@live.co.uk 2. The IAS were replaced in 2001 by International Financial Reporting Standards (IFRS). In addition to IAS 2 Inventories, which of the following IFRSs may be relevant to determining the figure to be included in its financial statements for closing inventories? IAS 40 Investment Property Overview. happening after the reporting period; What to do with those events? The IASC issued revised IAS 10, Events After the Balance Sheet Date in May 1999, which supersedes those portions of IAS 10 (1978) dealing with events after the balance sheet date. Events can be adjusting or non-adjusting. IAS is such a word that gives goosebumps on only being spelled on the body of a civil aspirant. IAS 10 recognizes that even after the reporting period ended, business continues and events are still happening until the financial statements are published. In line with IAS 10.10, you shall NOT adjust the amounts recognized in your financial statements to reflect non-adjusting events after the reporting period. Examples: Decline in fair value of investments after the reporting period, Natural disasters, wars, pandemics, etc. 2 Adjusting events 2.1 Principle An entity shall adjust the amounts recognised in its financial statements to reflect adjusting events after the reporting period. Objective. Disclosure. Введен в действие для применения на территории.IAS 10. Scope (paras. IAS 37: Provisions, Contingent Liabilities and Contingent Assets. 61-62) Application of the recognition and measurement rules (paras. The events that require adjustments in the financial statements are those that occurred after reporting date but had the evidence of existence of conditions before reporting date. Definition Events after the reporting period are those events, both favourable and unfavourable, that occur between the reporting date and the date on which the financial statements are authorized for issue. IAS 10 Event After The Reporting Period 3. IAS 10 Events After The Reporting Period 1 / 1. Vegetative Propagation is the mode of asexual reproduction occurring in all vascular plants. Entities should disclose the date when the financial statements were authorised for issue and who gave that authorisation. IAS 10 Adjusting events are those providing evidence of conditions existing at the end of the reporting period. To prescribe: When an entity should adjust its financial statements for. IAS 10 Events after the Reporting Period Objective . 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. IAS 10 Examples include: A court case after the end of the reporting period, conforming that the entity had a present obligation as at the end of the reporting period. It was withdrawn for accounting periods beginning on or after 1 January 2015, when FRS 102 became effective. Back to Course Next Lesson. Events after the Balance Sheet Date; 2 Post Balance Sheet Events. 53-58) Changes in provisions (paras. The FRS is mandatory for accounting periods beginning on or after 1 January 2005 for all entities other than those applying the Financial Reporting Standard for Smaller Entities (FRSSE). 1-9) Definitions (paras. Effective 1 January 2005. 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