IAS 10 Events aft the Reporting Period 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 authorized for issue and about events after the reporting period.
Events after the reporting period are those events, favorable and unfavorable, that occur between the end of the reporting period and the date when the financial statements are authorized for issue. The two types of events are:
- Those that provide evidence of conditions that existed at the end of the reporting period (adjusting events); and
- Those that are indicative of conditions that arose after the reporting period (non-adjusting events).
An entity adjusts the amounts recognized in its financial statements to reflect adjusting events, but it does not adjust those amounts to reflect non-adjusting events. If non-adjusting events after the reporting period are material, IAS 10 Events aft the Reporting Period prescribes disclosures.
IAS 10 Events aft the Reporting Period is Copyright: IFRS Foundation
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