Question. IAS 36 - Impairment of Assets (52:44) Start; 15. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. 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 requires the entity to disclose the following: 1. 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 … 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. Free sign up Sign In. Comments. ACCA CIMA CAT DipIFR Search. The Association of Chartered Certified Accountants (ACCA) is one of the largest and fastest growing international accountancy bodies. The nature of such event and 4. These, ACCA DipIFR Book and Exam Kit 2019 will help you to prepare for your upcoming exams. FREE Courses Blog. 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. 9. hyphenated at the specified hyphenation points. 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. FREE Courses Blog. 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. Spread the word. 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. The following events occurred as follows: (a… The exam consists of four 25 marks. To read the whole embedded document use the navigational links at the bottom of snippet or the scroll bar of embedded document. Acowtancy. Free sign up Sign In. 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. New Safety Regulations announced after the year end have forced prices of automobiles to drop to just $8,000. [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. Authorisation for issue of financial statements. IAS 10 – Events after the reporting period. Group accounting – part 1. Each year the financial statements are authorized for issue on 20 May. IAS 27 Separate Financial Statements. It might take a little while to load so be patient. 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. Free sign up Sign In. 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. Going concern 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. IAS 10 recognizes that even after the reporting period ended, business continues and events are still happening until the financial statements are published. By using this site you agree to our use of cookies. The ' FR' paper ... Video - IAS 10 Events After the Reporting Period 13m 00s playlist_add_check OT Learning Test 5 Questions insert_drive_file Module 4 Summary Notes check M5. The objective of this standard is to prescribe: when an entity should adjust its financial statements for events after the reporting period; and Its date of authorization of financial statements for issue was 10 February 2013 and the annual general meeting is scheduled on 7 March 2013. By Admin ACCA, ACCA F7 Financial Reporting, ACCA … Acowtancy. IFRS 11 Joint Arrangements Events after Reporting Period are those that occur between the end of the reporting period and when the financial statements are authorized for issue. 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. IAS 10 Events After The Reporting Period with a quick quiz in ACCA FR (F7). This site uses cookies to provide you with a more responsive and personalised service. IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. ACCA CIMA CAT DipIFR Search. [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. IAS 10 sets the rules when an entity should adjust its financial statements for events after the reporting period together with the necessary disclosures. If a company made a decesion to decrease share capital on january 17, is this an adjusting event (IAS 10)? IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. It includes all the content that you need to pass your exam in the first attempt. That is a non-adjusting event. View ACCA FR Financial Reporting (F7) IAS 10.pdf from ACCOUNTING 150 at Intec Education College. 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 date of authorization of financial statements and related authority. 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. IFRS 3 Goodwill (23:09) Start IAS 36 and Questions Available in days days after you enroll 14. aashishmishra27 says. IAS 16 PPE - Basics from ACCA F3 (104:58) Start; 10. This site uses cookies. 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 19 Employee Benefits. These words serve as exceptions. 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. [IAS 10.8], Do not adjust for non-adjusting events - events or conditions that arose after the end of the reporting period. FR F7. 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. 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. 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 Please visit our global website instead, Can't find your location listed? IAS 10 • (a) Evolve is a real estate company, which is listed on the stock exchange and has a year end of 31 August. Question is what events to adjusted for and what to be left for next accounting period. 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]. IAS 40 Investment Property (13:52) Start; 12. Acowtancy. Preparing financial statements takes time.
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