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subsequent events

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › subsequent events

  • This topic has 1 reply, 2 voices, and was last updated 14 years ago by Ken Garrett.
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  • May 24, 2011 at 7:18 am #48583
    alryami2009
    Member
    • Topics: 53
    • Replies: 36
    • ☆☆

    Dear tutor im getting difficulty in comparing betwwen adjustung events and non adjusting events

    can you expline me the following defination according to ISA10 :

    adjusting events : an event after the reporting period that provides further evidence of condition that existed at the end of the reporting oeriod , including an event that indicates that the going concern assumption in relation to the whole or part of the enterprise is nor appropriate

    No adjusting events : an event after the reporting period that is indicative of condition that arose after the end of reporting period

    and also who i can diffrnatite between them in seniora based question .

    May 26, 2011 at 4:31 pm #82234
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10597
    • ☆☆☆☆☆

    Adjusting: eg customer owing money at 31/12 goes into liquidation 29/1. Liquidation is after the reporting period, but it gives evidence that the debt was worthless ate 31/12. Therefore, write off the debt as at 31/12.

    Non-adjusting event: eg factory burning down 29/1. Factory was fine and healthy at 31/12. Therefore, not an adjusting event so don’t change non-current assets in statement of financial position. However, disclose the event by way of note as it is important for users’ proper understanding of the FS.

    A scenario question should describe them clearly enough for you to decide.

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