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 authorised for issue'. [IAS 10 Para 3] Inventories are required to be stated at the lower of cost and net realisable value (NRV). Spread the word. 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. Events after Reporting Period are those that occur between the end of the reporting period and when the financial statements are authorized for issue. 5.1 IAS 2 requires that the cost of inventories comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition [IAS 2.10]. Each word should be on a separate line. IAS 10 requires the entity to disclose the following: 1. International Accounting Standard 10: Events After the Reporting Period clarifies the accounting treatment for events that occurred after balance sheet date but before financial statements are published. 12/1/2020 Questionmark Perception Dec 01 2020 | Logged in as : … Acowtancy. By Admin ACCA, ACCA F7 Financial Reporting, ACCA … Overview IAS 10 Events After The Reporting Period contains re­quire­ments for when events after the end of the reporting period should be adjusted in the financial state­ments. An enterprise should disclose the date when the financial statements were authorised for issue and who gave that authorisation. aashishmishra27 says. Further provisions covered by IAS 10. Please read, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn), IAS 19 — Employee Benefits (1998) (superseded), IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 22 — Business Combinations (Superseded), IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Separate Financial Statements (2011), IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 28 — Investments in Associates (2003), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 35 — Discontinuing Operations (Superseded), IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, ESMA issues statement disclosures related to sovereign debt, IASB publishes 'Improvements' exposure draft, Accounting considerations related to COVID-19 — Events after the reporting period, IAS Plus newsletter — Improvements to IFRSs 2008, Improvements to existing International Accounting Standards (2001-2003), Effective date of IAS 37, which superseded those portions of IAS 10 (1978) dealing with contingencies, Revised version of IAS 10 issued by the IASB, Adjust financial statements for adjusting events - events after the balance sheet date that provide further evidence of conditions that existed at the end of the reporting period, including events that indicate that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. These words serve as exceptions. IAS 10 Events After The Reporting Period contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. In most countries, the exam fee was 185 GBP in last session, payable directly to ACCA. [IAS 10.8], Do not adjust for non-adjusting events - events or conditions that arose after the end of the reporting period. IAS 10 BC International Accounting Standard 10 Events after the Reporting Period Objective 1 The objective of this Standard is to prescribe: (a) when an entity should adjust its financial statements for events after the reporting period; and (b) the disclosures that an entity should give about the date when the financial statements were Exam fee changes slightly from term to term. IAS 16 PPE - Basics from ACCA F3 (104:58) Start; 10. ACCA BT F1 MA F2 FA F3 LW F4 Eng PM F5 TX F6 UK FR F7 AA F8 FM F9 SBL SBR INT SBR UK AFM P4 APM P5 ATX P6 UK AAA P7 INT AAA P7 UK. The shareholders are able to choose between: Read More . how to account for unclaimed dividends that are cancelled or forfeited. IAS 10 sets the rules when an entity should adjust its financial statements for events after the reporting period together with the necessary disclosures. IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 10 – Events after the reporting period. Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. Detailed videos for full syllabus, practice question and solution videos, short notes, quizzes and one final mock exam all together make this course a very valuable course. [IAS 10.3], An entity shall not prepare its financial statements on a going concern basis if management determines after the end of the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. Question is what events to adjusted for and what to be left for next accounting period. Reader Interactions. Donate. If you have found OpenTuition useful, please donate. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. IAS 38 - Intangible Non Current Assets (66:09) Start; 13. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. The Standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting period indicate that the going concern assumption is not appropriate. This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). For Non-adjusting events the entity should disclose 3. View ACCA F3 / FIA FFA lectures Download F3 notes. IAS 10 • (a) Evolve is a real estate company, which is listed on the stock exchange and has a year end of 31 August. ACCA CIMA CAT DipIFR Search. Components of Financial Statements According to IAS 1 Presentation of Financial Statements, a complete set of financial statements has the following components: Other reports and statements in the annual report (such as a financial review, an environmental report or a social report) are outside the scope of IAS 1. The date of authorization of financial statements and related authority. Going concern ACCA Diploma in IFRS DipIFR June 2016 Exam - Questions & Answers Standard: IAS (10) Events after Reporting Period & IAS (37) Provisions, Contingent Liabilities, and Contingent Assets Page 1 Question (2- B) Delta is an entity which prepares financial statements to 31 March each year. The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. To find out more, see our Cookies Policy Terms & Conditions Articles. ACCA has been in existence for over 100 years. Free IFRS Quizzes IAS 10 – Events After the Reporting Period Quiz ) , () ) Previous Lesson. IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. The question, therefore, arises as to what extent events occuring between the end of the reporting period and the date of approval should be reflected in the financial statements. 2. Please spread the word so more students can benefit from our study materials. IAS 10 also includes a requirement that the financial statements should disclose when the statements were authorised for issue, and who gave the authorisation. Classroom Revision Mock Exam Buy … hyphenated at the specified hyphenation points. ; It defines both adjusting and non-adjusting events. The global body for professional accountants, Can't find your location/region listed? [IAS 10.3], Non-adjusting event: An event after the reporting period that is indicative of a condition that arose after the end of the reporting period. [IAS 10.12]. IAS 10 Events after the Reporting Period – ACCA Financial Accounting (FA) lectures Spread the word Please spread the word so more students can benefit from our study materials. ; There are 4 main types of material events after the reporting period: You will be redirected to an external website for booking. December 29, 2018. Definition – those events between the reporting date and date of approval of financial statements ; Adjusting events – those which provide additional evidence of the situation existing at the SOFP date e.g. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. The definition in IAS 10 is: Events after the balance sheet date are those events, both favourable and unfavourable, that occur between the balance sheet date and the date when the financial statements are authorised for issue. The Association of Chartered Certified Accountants (ACCA) is one of the largest and fastest growing international accountancy bodies. The course includes practical examples and interim tests to enhance understanding. IAS 40 Investment Property (13:52) Start; 12. IAS 2 says that inventory should be valued at the lower of cost and net realisable value. [IAS 10.19], Companies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. IFRS 3 Goodwill (23:09) Start IAS 36 and Questions Available in days days after you enroll 14. review IAS 10 standard's disclosure requirements. This course explains the appropriate accounting treatment and disclosure requirements of events that occur between the end of the reporting period and the date when financial statements are authorised for issue. FR F7 Blog Textbook Tests Test Centre Exams Exam Centre. Acowtancy. BMW PLC has 100 automobiles in its inventory at the year end costing $11,000 each. IAS 1 says that an entity must classify an asset as current on the statement of financial position if: 1. it is realized or consumed during the entity’s normal trading cycle, or 2. it is held for trading, or 3. it will be realized within 12 months of the reporting date.All other assets are classified as non-current.IAS 1 says that an entity must classify a liability as current on the statement of financial position if: 1. it is settled during the entity’s normal … ACCA F3 IAS 10 Events after the Reporting Period. IAS 27 Separate Financial Statements. FR F7 Blog Textbook Tests Test Centre … If a company made a decesion to decrease share capital on january 17, is this an adjusting event (IAS 10)? Why ACCA DipIFR? FREE Courses Blog. IAS 16 - Tangible Non-Current Assets (79:42) Start; 11. If the owners or others have the power to amend the financial statements after issue, that fact should be disclosed. ACCA BT F1 MA F2 FA F3 LW F4 Eng PM F5 TX F6 UK FR F7 AA F8 FM F9 SBL SBR INT SBR UK AFM P4 APM P5 ATX P6 UK AAA P7 INT AAA P7 UK. It would not be practicable for preparers to finalise financial statements without a period of time elapsing between the end of the reporting period and the date on which the financial statements are authorised for issue. It includes all the content that you need to pass your exam in the first attempt such detailed videos covering full syllabus, practice question and solution videos, short notes, quizzes and one final mock exam. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. Each year the financial statements are authorized for issue on 20 May. IAS 10 Events after the Reporting Period – ACCA Financial Accounting (FA) lectures Spread the word Please spread the word so more students can benefit from our study materials. It is a complete ACCA SBR - Strategic Business Reporting exam preparation course. Summaries of IAS and IFRS. New Safety Regulations announced after the year end have forced prices of automobiles to drop to just $8,000. This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. FR F7. review IAS 10 standard's disclosure requirements. ACCA BT F1 MA F2 FA F3 LW F4 Eng PM F5 TX F6 UK FR F7 AA F8 FM F9 SBL SBR INT SBR UK … Once entered, they are only The nature of such event and 4. IAS 10 requires the entity to disclose the following: The date of authorization of financial statements and related authority. Acowtancy. 9. [IAS 10.21], A company should update disclosures that relate to conditions that existed at the end of the reporting period to reflect any new information that it receives after the reporting period about those conditions. Latest ACCA DipIFR Book and Exam Kit 2019 At the end of this post, you will find the download link of Latest ACCA DipIFR Book and Exam Kit 2019 in the pdf format. Preparing financial statements takes time. ACCA CIMA CAT DipIFR Search. We will take a look at some of the more complex International Accounting Standards (IAS) as well as the International Financial Reporting Standards (IFRS). It might take a little while to load so be patient. This site uses cookies. Free sign up Sign In. On 21 August 2016, Evolve undertook a scrip (bonus) issue where the shareholders of Evolve received certain rights. Authorisation for issue of financial statements. IFRS 10 Consolidated Financial Statements. If the enterprise's owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact. [IAS 10.17]. Free sign up Sign In. IAS 10 Events After The Reporting Period with a quick quiz in ACCA FR (F7). How much do you know about IAS 10 Events after the Reporting Period? This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. FR F7. IAS 10 Events after the Reporting Period provides guidance as to which events should lead to adjustments in the financial statements and which events shall be disclosed in the notes to financial statements. The objective of this standard is to prescribe: 1. when an entity should adjust its financial statements for events after the reporting period; and 2. 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. IAS 36 - Impairment of Assets (52:44) Start; 15. Once you have completed this course you will have a broader and in depth understanding of accounting and Financial Reporting to better prepare yourself for whatever challenges you may face within the world of finance. The exam consists of four 25 marks. Date of Authorization for Issue. It includes all the content that you need to pass your exam in the first attempt. FREE Courses Blog. 10. Issued: in 1978; re-issued in 1999 and 2003, followed by amendments Effective date: 1 January 2005 What it does: IAS 10 sets the rules when an entity should adjust its financial statements for events after the reporting period together with the necessary disclosures. IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. ACCA CIMA CAT DipIFR Search. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. It is recognized and respected in 181 countries and currently has over 198,000 fully qualified members and 486,000 students worldwide. IAS 10 Events After The Reporting Period with a quick quiz in ACCA FR (F7). By using this site you agree to our use of cookies. [IAS 10.14], Non-adjusting events should be disclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluations and decisions. Free sign up Sign In. IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. It is a complete ACCA F7 exam preparation course. [IAS 10.10], If an entity declares dividends after the reporting period, the entity shall not recognise those dividends as a liability at the end of the reporting period. [IAS 2 Para 9] NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale. That is a non-adjusting event. Free sign up Sign In. Please visit our global website instead, Can't find your location listed? The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. IFRS 11 Joint Arrangements IFRS 2 Share-based Payment . Group accounting – part 2. All of this is explained in IAS 10. Following embedded snippet contain the summary of IAS 10 Events After the Reporting Period. These, ACCA DipIFR Book and Exam Kit 2019 will help you to prepare for your upcoming exams. What is the treatment of 1. Its date of authorization of financial statements for issue was 10 February 2013 and the annual general meeting is scheduled on 7 March 2013. An introduction to ACCA FR (F7) B7g. IAS 10 - Events After The Reporting Period (28:39) Week 5 - IAS 12 - Tax. 1 question for 25 marks from group accounts / consolidation 3 questions for 25 marks each scenario questions involving understand and application of different IAS and IFRS Comments. View ACCA FR Financial Reporting (F7) IAS 10.pdf from ACCOUNTING 150 at Intec Education College. 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. IFRS 3 Business Combinations . This site uses cookies to provide you with a more responsive and personalised service. IAS 10 Events after the Reporting Period Objective . 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. The following events occurred as follows: (a… For Non-adjusting events the entity should disclose; The nature of such event and; Its financial impact . This course provides you with an understanding of the subjects covered in the Financial Reporting ACCA paper. Event after the reporting period: An event, which could be favourable or unfavourable, that occurs between the end of the reporting period and the date that the financial statements are authorised for issue. It defines both adjusting and non-adjusting events. Contact information for your local office, Becoming an ACCA Approved Learning Partner, Virtual classroom support for learning partners, define whether an event is in the scope of IAS 10, define whether an event after the reporting period is an adjusting event, define whether an event after the reporting period is a non-adjusting event, distinguish adjusting and non-adjusting events, identify proper accounting treatment or disclosures for adjusting and non-adjusting events, understand the concept of going concern and its relation to IAS 10. review IAS 10 standard's disclosure requirements. Acowtancy. IAS 10 Events After The Reporting Period as documented in theACCA FR (F7) textbook. ACCA CIMA CAT DipIFR Search. Please visit our global website instead. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee.

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