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IAS 10 events after reporting period

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 10 events after reporting period

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Stephen Widberg.
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  • June 14, 2024 at 11:42 am #707235
    naveed42927
    Participant
    • Topics: 22
    • Replies: 5
    • ☆

    Dear sir, I hope you are fine,

    I was solving one of the kit question where it was asked that an event happened during the accounting period where a customer filed a case against poor quality food. The court announced the outcome after year end. I found out that this is adjusting event because the condition existed during the period.

    I am wondering that what if the case was filed after year end and also outcome announced after year end, will it still be adjusting event? because the case relates to goods or foods sold during the accounting period OR is it must that case should have been filed during the accounting period?

    Thank you for your assistance.

    June 15, 2024 at 7:04 am #707262
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    If you poison your customer during the accounting period, I would say ADJUSTING. It’s the poisoning date that counts.

    🙂

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