by … All of this is explained in IAS 10. 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 global body for professional accountants, Can't find your location/region listed? It might take a little while to load so be patient. 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. To read the whole embedded document use the navigational links at the bottom of snippet or the scroll bar of embedded document. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. 4. Hello Sir, First question is about having a legal obligation. There are 4 main types of material events after the reporting period: 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. • For disclosure for events after reporting period. 10. 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. 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. Please visit our global website instead, Can't find your location listed? The nature of such event and 4. Cert. Preview text. . IAS 10 Events After The Reporting Period from past papers in ACCA FR (F7). 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. An introduction to ACCA FR (F7) B7g. 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. ACCA Diploma in IFRS (DipIFR) is an international qualification in IFRS developed by the leading professional accounting organisation Association of Chartered Certified Accountants (ACCA). Obtaining this qualification will raise your professionalism in IFRS to the next level. 1126/2008, es beschreibt den Umgang mit Sachverhalten, die nach Bilanzstichtag bekannt werden, aber noch in die zu berichtende Periode gehören. ACCA Audit and Assurance Notes SBR BPP practice & revision kit june 19 5 6079969933444251819 IFRS IN Practice screen SBR-INT- Syllabus FA2018 BPP Taxation (TX) PR Kit 2019-2020 (accajukebox. Read More . IFRS 3 Business Combinations . Spread the word. 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. • All above. IFRS 3 Goodwill (23:09) Start IAS 36 and Questions Available in days days after you enroll 14. IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. We use cookies to help make our website better. Hello Sir, First question is about having a legal obligation. . OpenTuition | ACCA | CIMA. 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. IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. The most important thing to remember is that the accounts are prepared to the SFP date. FREE Courses Blog. IFRS 12 Disclosure of Interests in Other Entities . IAS 16 PPE - Basics from ACCA F3 (104:58) Start; 10. ACCA F3 IAS 10 Events after the Reporting Period. For Non-adjusting events the entity should disclose 3. So we are trying to show what the situation at the SFP date was. November 2018 um 18:34 Uhr bearbeitet. 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 Comments. 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. FR F7. Download all ACCA course notes, track your progress, option to buy premium content and subscribe to eNewsletters and recaps. . IAS 10 requires the entity to disclose the following: 1. ACCA Students: IAS 10 Events after the reporting period #accaf3 #accastudent #accastudents #studyacca #acca http://ift.tt/2uSITZh IFRS 11 Joint Arrangements. aashishmishra27 says. Question is what events to adjusted for and what to be left for next accounting period. (This is evidence that the property value was fine at the year end - so no adjustment required). IAS 1 says that an entity must classify an asset as current on the statement of financial position if: 1. it is realized or consumed during the entity’s normal trading cycle, or 2. it is held for trading, or 3. it will be realized within 12 months of the reporting date.All other assets are classified as non-current.IAS 1 says that an entity must classify a liability as current on the statement of financial position if: 1. it is settled during the entity’s normal … 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. These, ACCA DipIFR Book and Exam Kit 2019 will help you to prepare for your upcoming exams. Free ACCA and CIMA on line courses | Free ACCA, CIMA, FIA Notes, Lectures, Tests and Forums Students must know that these . Preparing financial statements takes time. Following embedded snippet contain the summary of IAS 10 Events After the Reporting Period. ACCA Bursary; Unemployed Graduates Bursary Fund; ACCA Campus. 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 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. On 21 August 2016, Evolve undertook a scrip (bonus) issue where the shareholders of Evolve received certain rights. 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. It defines both adjusting and non-adjusting events. The conceptual and regulatory framework for financial reporting. Acowtancy. Check Answer 4. IAS 40 Investment Property (13:52) Start; 12. FR F7 Blog Textbook Tests Test Centre … If the event gives us more information about the condition at the year-end then we adjust. Please visit our global website instead. So kann ein Unternehmen beispielsweise die Bezeichnung „Gesamtergebnisrechnung“ anstatt „Darstellung von Gewinn oder … The following events occurred as follows: (a… 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. Events after Reporting Period are those that occur between the end of the reporting period and when the financial statements are authorized for issue. Summaries of IAS and IFRS. 11 Comments. Why is the answer to providing for the. . IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. If you have found OpenTuition useful, please donate. Classroom Revision Mock Exam … Please spread the word so more students can benefit from our study materials. 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. FREE Courses Blog. ACCA Johannesburg; Why ACCA. Back to Course Next Lesson. Date of Authorization for Issue. 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. IAS 1 - Presentation of Financial … Not afterwards. FR F7 Blog Textbook Tests Test Centre Exams Exam Centre. 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. 11 Comments. The event provides evidence of conditions that existed at the period end, (This is evidence that debtor was bad at SFP date also), Stock is sold at a loss 2 weeks after SFP date, Property gets impaired 3 weeks after SFP date, (This implies that the property was impaired at the SFP date also), The result of a court case confirming the company did have a present obligation at the year end, The settling of a purchase price for an asset that was bought before the year end but the price was not finalised, The discovery of fraud or error in the year, These are events (after the SFP date) that occurred which do not give evidence of conditions at the year end, rather they are indicative of conditions AFTER the SFP date, Stock is sold at a loss because they were damaged post year-end, (This is evidence that they were fine at the year-end - so no adjustment), Property impaired due to a fall in market values generally post year end. 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