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event after the reporting periods

This topic has 1 reply, 2 voices, and was last updated 6 months ago by John Moffat.

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July 16, 2022 at 5:12 am #660648
jermy01
Participant
- Topics: 49
- Replies: 29
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?
July 16, 2022 at 10:07 am #660668
John Moffat
Keymaster
- Topics: 56
- Replies: 51576
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.
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