IAS 10 Events after the Reporting Period (Summary)
Summary of IAS 10 Events after the Reporting Period
IAS 10 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 for issue and about events after the reporting period.
Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue. The two types of events are:
- those that provide evidence of conditions that existed at the end of the reporting period (adjusting events); and
- those that are indicative of conditions that arose after the reporting period (non-adjusting events).
An entity adjusts the amounts recognised in its financial statements to reflect adjusting events, but it does not adjust those amounts to reflect non-adjusting events. If non-adjusting events after the reporting period are material, IAS 10 prescribes disclosures.
Source:
- Phnom Penh HR
- ifrs.org /issued-standards/list-of-standards/ias-10-events-after-the-reporting-period/