IAS 10 Events After The Reporting Period from past papers in ACCA FR (F7). IAS 40 Investment Property (13:52) Start; 12. 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. The economic life of the vessels is estimated to be 30 years, but the useful life of some of the vessels is only 10 years because Kayte’s policy is to sell these vessels when they are 10 years old. Acowtancy. The aim of ACCA Financial Reporting (FR) (F7) is to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements 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. Contact information for your local office, 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. Preparing financial statements takes time. review IAS 10 standard's disclosure requirements. To find out more, see our Cookies Policy Terms & Conditions Articles. ACCA FR Chapter 5 IAS16 Questions. ACCA Johannesburg; Why ACCA. The course includes practical examples and interim tests to enhance understanding. Comments. You will be redirected to an external website for booking. ACCA Bursary; Unemployed Graduates Bursary Fund; ACCA Campus. FR F7 Blog Textbook Tests Test Centre Exams Exam Centre. Group accounting – part 2. Obtaining this qualification will raise your professionalism in IFRS to the next level. 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. ACCA FR Chapter 5 IAS16 Questions. aashishmishra27 says. On 21 August 2016, Evolve undertook a scrip (bonus) issue where the shareholders of Evolve received certain rights. Well it may well be that many of the figures in the accounts are estimates at the period end. IAS 28 Investments in Associates and Joint Ventures. Cert. For Non-adjusting events the entity should disclose 3. IAS 10 Full text Overview. IAS 10 events after the reporting period give guidance as: to specify when a company should adjust its financial statements for events that occur after the end of the reporting period, but before the financial statements are authorized for issue. Reporting (FR) Tests Acca questions and answers on ias 16. ACCA Financial Reporting (FR) - Non-current assets IAS16 - Practice Questions - Chapter 5 Free ACCA Financial Reporting (FR) Tests Acca questions and answers on ias 16. Only favorable events that occur between end of reporting period and the date when the financial statements are authorized for issue called events after reporting period. Login; Select Page. 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. IAS 10 Events after the Reporting Period 2017 - 07 1 Objective This Standard prescribes when an entity should adjust its 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 and about the events after the reporting date. Why is the answer to providing for the. If you have found OpenTuition useful, please donate. IFRS 3 Business Combinations . 11 Comments. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. his course is based on ACCA FR (F7) syllabus as prescribed by the ACCA. 2. IFRS 11 Joint Arrangements. 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 acquisition or disposal of a subsidiary post year end, A formal plan issued post year end to discontinue a major operation, The destruction of an asset by fire or similar post year end, Non-adjusting event which affects Going Concern. IAS 27 Separate Financial Statements. So we are trying to show what the situation at the SFP date was. 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. by … IAS 1 - Presentation of Financial … IAS 38 - Intangible Non Current Assets (66:09) Start; 13. ACCA CIMA CAT DipIFR Search. These, ACCA DipIFR Book and Exam Kit 2019 will help you to prepare for your upcoming exams. This sale would be a non-adjusting event under IAS 10 Events after the Reporting Period if deemed to be material. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. Its date of authorization of financial statements for issue was 10 February 2013 and the annual general meeting is scheduled on 7 March 2013. CIMA F1 Chapter – 12 – IAS 2 Inventories & IAS 10 Events after the reporting period. Acowtancy. Date of Authorization for Issue. i) distinguish between and account for adjusting and non-adjusting events after the reporting period, ii) Identify items requiring separate disclosure, including their accounting treatment and required disclosures, We are looking at transactions that happen in this period, and whether we should go back and adjust our accounts for the year end or not adjust and just put into next year’s accounts. Following embedded snippet contain the summary of IAS 10 Events After the Reporting Period. Please visit our global website instead. Summaries of IAS and IFRS. Please visit our global website instead, Can't find your location listed? 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. Free ACCA and CIMA on line courses | Free ACCA, CIMA, FIA Notes, Lectures, Tests and Forums • For disclosure for events after reporting period. Please spread the word so more students can benefit from our study materials. Hello Sir, First question is about having a legal obligation. Free sign up Sign In. . By Admin ACCA, ACCA F7 Financial Reporting, ACCA … . FREE Courses Blog. Reader Interactions. FR F7. An introduction to ACCA FR (F7) B7g. What is the treatment of 1. 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. IAS 10 Events After The Reporting Period as documented in theACCA FR (F7) textbook. FREE Courses Blog. However, what if we get more information about these estimates etc afterwards, but before the accounts are authorised and published.. should we change the accounts or not? 11 Comments. The nature of such event and 4. . IFRS 12 Disclosure of Interests in Other Entities . November 2018 um 18:34 Uhr bearbeitet. View ACCA F3 / FIA FFA lectures Download F3 notes. IFR by ACCA (Certificate in International Financial reporting) ... IFRS 10 Consolidated Financial Statements. However, it may be that more information ABOUT the conditions at the SFP date have come about afterwards and so we should adjust the accounts. Originalfassungen des IAS 10 der Verordnung (EG) Nr. 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). The conceptual and regulatory framework for financial reporting. It is anytime between period end and the date the accounts are authorised for issue. Free IFRS Quizzes IAS 10 – Events After the Reporting Period Quiz ) , () ) Previous Lesson. Classroom Revision Mock Exam … ACCA Students: IAS 10 Events after the reporting period #accaf3 #accastudent #accastudents #studyacca #acca http://ift.tt/2uSITZh Download all ACCA course notes, track your progress, option to buy premium content and subscribe to eNewsletters and recaps. Hello Sir, First question is about having a legal obligation. December 29, 2018. You can change your Cookie Settings any time. We use cookies to help make our website better. To read the whole embedded document use the navigational links at the bottom of snippet or the scroll bar of embedded document. Back to Course Next Lesson. Der International Financial Reporting Standard 10 (IAS 10) ist eine Rechnungslegungsvorschrift des International Accounting Standards Board (IASB), der die Bilanzierung und Anhangsangaben von Ereignissen nach dem Bilanzstichtag behandelt.. Diese Seite wurde zuletzt am 14. FR F7. 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. 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