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Hi There, This question is from BPP KIT.
I Would like to know why Statement 3 is Correct? should ALL non-adjusting event should be disclosed or only material is disclosed?
Thank you in advanceWhich of the following statements about limited liability companies’ accounting is/are correct?
1 A revaluation surplus arises when a non-current asset is sold at a profit.
2 The authorised share capital of a company is the maximum nominal value of shares and loan notes the company may issue.
3 IAS10 Events After the Reporting Period requires all non-adjusting events to be disclosed in the notes to the financial statement.It is only material events, however they are only called non-adjusting events if they are material. (If they are not material then they are not disclosed and are not called anything 🙂 )
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