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IAS 10 Events after reporting date

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 10 Events after reporting date

  • This topic has 4 replies, 2 voices, and was last updated 3 years ago by Stephen Widberg.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • August 5, 2021 at 12:32 pm #630480
    rammeyy
    Member
    • Topics: 15
    • Replies: 18
    • ☆

    Hi stephen, there is a question in the bpp exam kit (Q# 39; Lizzier).
    In the question, the company’s position was quite poor at year-end and the position got worsened resulting in the breach of loan covenant on 31st March, 20X3. FS were authorised for issue at April end.
    My query is why is such an event is considered a non-adjusting event?

    Kindly guide.

    Regards

    August 6, 2021 at 4:40 pm #630606
    rammeyy
    Member
    • Topics: 15
    • Replies: 18
    • ☆

    where have u gone sir?? Kindly solve my query

    August 6, 2021 at 5:47 pm #630609
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3408
    • ☆☆☆☆☆

    Please do not waste time sending follow up posts – as you know this is a free service and we do not give a 24 hour service.

    Strictly speaking, there had been no breach of covenant at the year end so the event might be classed as non-adjusting. However, as the answer states, consideration should be given to potential FS adjustments.

    As I am sure you know, this is discussion as opposed to a knowledge question.

    August 7, 2021 at 4:49 am #630633
    rammeyy
    Member
    • Topics: 15
    • Replies: 18
    • ☆

    oh i am sorry stephen, actually in this question there were no reasons given for breach of loan being non-adjusting. Sorry for the inconvenience.
    PS: you usually reply within hours so that what i was used to, don’t get me wrong stephen

    Regrads

    August 7, 2021 at 6:45 am #630639
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3408
    • ☆☆☆☆☆

    🙂 Take care.

  • Author
    Posts
Viewing 5 posts - 1 through 5 (of 5 total)
  • The topic ‘IAS 10 Events after reporting date’ is closed to new replies.

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