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Hello Sir,
Q 196 in Kaplan 2020-21 kit
Regarding the determining the events if it is adjusting or non-adjusting
For the explosion which has happened after the year end it is clear that it is not adjusting since it happened after the year end but about the need for disclosure of the events WILL THAT CAUSE THE EVENT BE ADJUSTING?
Thanks,
“Adjusting” in this context refers to recognition/measurement of items in the financial statements – i.e. SoFP and SoPL.
To disclose a non-adjusting event in the notes to the financial statements is not an adjustment to the financial statements themselves.
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