Page 248 - F1 Integrated Workbook STUDENT 2018

Chapter 14

IAS 10 Events after the Reporting

Period

The purpose of IAS 10 Events after the Reporting Period is to define to what extent
events that occur after the reporting period should be recognised in the financial
statements.

It is a fundamental principle of accounting that regard must be had to all available
information when preparing financial statements. This must include relevant events
occurring after the reporting period, up to the date on which the financial statements
are authorised for issue. The objective of IAS 10 Events after the Reporting Period is
to:

 define the extent to which different types of events after the reporting period are
to be reflected in financial statements

 define when an entity should adjust its financial statements for events after the
reporting period;

 set out the disclosures that the entity should provide about the date the
statement of financial position was authorised

 specify disclosures required about events arising after the end of the reporting
period

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