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IAS 10 EVENTS AFTER THE REPORTING PERIOD

LEARNING UNIT GUIDE:


IAS 10 EVENTS AFTER THE REPORTING PERIOD

1. UNIT OVERVIEW

IAS 10 prescribes when an entity should adjust its financial statement for events after the
reporting period and prescribe the related disclosures (IAS 10.1). This unit is closely linked
with the Conceptual Framework (liabilities) and Provisions (IAS 37).

WHICH EVENTS? ADJUSTING NON-ADJUSTING


After end of EVENTS EVENTS
reporting period to Confirm conditions Conditions did not
date financials are existed at exist at reporting
authorised for reporting date date
issue Adjust Not adjust, disclose
if material

EQUITY DIVIDEND
Declared after
reporting date
Recognise next
year
2. UNIT SPECIFIC LEARNING OUTCOMES

At the end of this learning unit, a student should be able to:

Demonstrate an understanding of the accounting treatment for events occurring after


the reporting date.
Define, classify events after the reporting date as adjusting or non-adjusting events,
and account and disclose them.
Evaluate practical examples and classify events as adjusting or non-adjusting events.
Apply the theory in discussion questions.
Prepare financial statements in accordance with IFRSs.
Disclose all relevant items in the financial statements

3. UNIT-SPECIFIC STUDY MATERIAL

3.1. CONTENT MATERIAL

IAS 10 and Chapter 7 of Descriptive Accounting will be relevant to this unit.


This unit is related to Provisions (IAS 37) and Impairment of Assets (IAS 36).

3.2 LECTURER GUIDANCE

EVENTS AFTER THE REPORTING PERIOD

Know the definitions it is important (3)


Financial Position AS AT the end of reporting period is crucial
Adjusting / non-adjusting (3)
Condition existed at reporting date (irrelevant of managements knowledge
thereof)
Date of authorisation (4-6)
Adjust for adjusting events (8)
Not adjust for non-adjusting events (10)
Examples: DA example 7.1 + 7.2
DIVIDENDS (12-13)

For equity instruments: Declared after year-end not recognise (12) also see
IAS 10.BC4 even if pattern of declaring dividends
If instrument is liability, then dividend is classified as interest accrue daily as
finance cost (interest paid)
Disclose in notes only (13)
No constructive obligation

OTHER

Going concern (14)


Disclosure: Know what to disclose (17)

4. LEARNING AND ASSESSMENT OPPORTUNITIES

Please refer to the learning unit guide on Provisions.