What types of events are covered under FRS 10 Events after the reporting period?

What types of events are covered under FRS 10 Events after the reporting period?

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).

What are the requirements of IFRS 10?

Summary of IFRS 10

• requires a parent entity (an entity that controls one or more other entities) to present consolidated financial statements.
• defines the principle of control, and establishes control as the basis for consolidation.

What is ind?

Indian Accounting Standard (abbreviated as Ind-AS) is the Accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977. MCA has to spell out the accounting standards applicable for companies in India.

What is FRS 10?

The objective of FRS 10 is to ensure that purchased goodwill and intangible assets are charged to the profit and loss account (income statement) in the periods in which they are depleted.

How does IAS 10 distinguish between events after the reporting period which should be adjusted in financial statements and those which should be disclosed by note only?

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).

What are Type 1 and Type 2 subsequent events?

Type I subsequent events provide evidence about conditions that existed on or before the balance sheet date. These events are recognized in the financial statements. Type II subsequent events provide evidence about conditions that did not exist on or before the balance sheet date.

What is subsequent period?

Subsequent Period means a further period or periods of the same duration as the Initial Period and applies where the Initial Period is automatically extended in accordance with the provisions of condition 9.2.

What are IAS 10 events after the reporting period?

IAS 10 Events after 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 authorised and about events after the reporting period. Revised December 2003.

What does non adjusting event mean in IAS 10?

Non-ad­just­ing event: An event after the reporting period that is in­dica­tive of a condition that arose after the end of the reporting period.

What are the required disclosures in IAS 10.21?

The required dis­clo­sure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a rea­son­able estimate of the effect cannot be made. [IAS 10.21]

Are there any other amendments to IAS 10?

Other Standards have made minor consequential amendments to IAS 10. They include IFRS 13 Fair Value Measurement (issued May 2011), IFRS 9 Financial Instruments (issued July 2014) and Definition of Material (Amendments to IAS 1 and IAS 8) (issued October 2018).