- This topic has 1 reply, 2 voices, and was last updated 6 months ago by .
Viewing 2 posts - 1 through 2 (of 2 total)
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.
Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>
Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>
Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › event after the reporting periods
Which of the following statements is/are correct?
1 IAS 37 requires disclosure in the notes to the financial statements of the uncertainties affecting
the outcome of a provision
2 IAS 10 requires disclosure of the nature and financial effect of a non-adjusting event after the
reporting period in the notes to the financial statements.
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 or 2
Answer is C
but i don’t understand why statement 1 correct, can you explain it sir?
As explained in my free lectures, IAS 37 states that provision is disclosed in the notes if it is possible (between 5% and 50% likely) and this uncertainty needs disclosing in the note.