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IAS 10

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IAS 10 provides guidance on accounting for events that occur after the reporting period but before the financial statements are authorized for issue. It distinguishes between adjusting events, which require changes to amounts recognized in the financial statements, and non-adjusting events, which require disclosure in the notes but do not result in changes to amounts recognized. Key definitions include adjusting events arising from conditions existing at the end of the reporting period and non-adjusting events arising from conditions that did not exist until after the reporting period. Declared dividends are considered material non-adjusting events requiring disclosure in the notes.

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IAS 10: Events After Reporting Period Roshankumar S Pimpalkar Objective roshankumar.2007@rediffmail.com
The readers of the financial statements rely on the information provided to form opinions and make decisions, hence financial statements should contain up-to-date information on both the period being reviewed and on significant events occurring before the financial statements are authorised for issue. Scope IAS 10 provides guidance on when and how to include different events in the financial statements. Key Definitions Events after the reporting period is any event, which could be favourable or unfavourable, that occurs between end of the reporting period and the date that financial statements are authorised for issue i.e. the date that management approves the accounts for issue. Adjusting Events: If the conditions giving rise to the event existed at the end of the reporting period, then the event is an adjusting event. Non Adjusting events: If the conditions giving rise to the event arose after the end of the reporting period, then the event is non- adjusting event. Treatment for Adjusting Events Amounts recognised in the financial statements must be amended to reflect the adjusting events. Treatment for Non-Adjusting Events Amounts recognised in the financial statements must not be amended for non-adjusting events. Treatment of Dividend A dividend declared after the end of the reporting period is a non- adjusting event. Dividends are declared when the dividends are appropriately authorised and are no longer at the discretion of the roshankumar.2007@rediffmail.com
entity. A declared dividend is a material non-adjusting event and is therefore disclosed in the notes to financial statement. Going Concern Assumption If the going concern assumption becomes inappropriate due an adjusting or non-adjusting event after the reporting period, the financial statements cannot be prepared on going concern basis. Note: Yearend bonus is an adjusting event. roshankumar.2007@rediffmail.com

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IAS 10

  • 1. IAS 10: Events After Reporting Period Roshankumar S Pimpalkar Objective roshankumar.2007@rediffmail.com
  • 2. The readers of the financial statements rely on the information provided to form opinions and make decisions, hence financial statements should contain up-to-date information on both the period being reviewed and on significant events occurring before the financial statements are authorised for issue. Scope IAS 10 provides guidance on when and how to include different events in the financial statements. Key Definitions Events after the reporting period is any event, which could be favourable or unfavourable, that occurs between end of the reporting period and the date that financial statements are authorised for issue i.e. the date that management approves the accounts for issue. Adjusting Events: If the conditions giving rise to the event existed at the end of the reporting period, then the event is an adjusting event. Non Adjusting events: If the conditions giving rise to the event arose after the end of the reporting period, then the event is non- adjusting event. Treatment for Adjusting Events Amounts recognised in the financial statements must be amended to reflect the adjusting events. Treatment for Non-Adjusting Events Amounts recognised in the financial statements must not be amended for non-adjusting events. Treatment of Dividend A dividend declared after the end of the reporting period is a non- adjusting event. Dividends are declared when the dividends are appropriately authorised and are no longer at the discretion of the roshankumar.2007@rediffmail.com
  • 3. entity. A declared dividend is a material non-adjusting event and is therefore disclosed in the notes to financial statement. Going Concern Assumption If the going concern assumption becomes inappropriate due an adjusting or non-adjusting event after the reporting period, the financial statements cannot be prepared on going concern basis. Note: Yearend bonus is an adjusting event. roshankumar.2007@rediffmail.com