Introduction to IAS 10 Events after the Reporting Period
The key purpose of IAS 10 is to clarify while financial statements should be adjusted for events that occur after the reporting period (or accounting period). The standard deals with events that take place among the end of the reporting period and the date while the financial statements are authorised to be issued both to the shareholders and to the general public.
Two types of events are recognized:
1 those giving proof of conditions that existed before the end of the reporting period (adjusting events); and
2 those that are indicating conditions taking place after the end of the reporting period (non adjusting events).
The standard requires that financial statements should include only the adjusting events.
The standard makes clear two significant points concerning events after the reporting period.
1st, if a dividend is declared for equity shareholders after the reporting period, it should not be treated like a liability in the financial statements. In the past it was general practice to treat such types of dividends like liabilities.
2nd, if it becomes comprehensible after the reporting period that the business will cease trading, the going concern assumption will not apply. The result, the financial statements must be ready using a fundamentally dissimilar basis for valuation. It will mean, for instance, that assets will be displayed at their estimated realisable values.
The date at which the financial statements were authorised for issue must be disclosed as it is significant to understanding what should and should not be included. There should also be disclosure of who authorised the issue.
In which non-adjusting events are important, they may affect users' decisions. So the standard needs important non-adjusting events to be disclosed by way of a note. A main restructuring, a plan to discontinue an operation and the planned purchase of a main asset are instances of non-adjusting events which might be disclosed. The standard needs that the nature of the event and its possible financial effect be disclosed. If the financial effect cannot be consistently estimated, this fact should be disclosed.
Figure: applying IAS10
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The standard requires that a distinction is normally made on the statement of financial position between current assets and non-current assets and between current liabilities and non-current liabilities.
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