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Hi, Sir/Madam
BPP pratice book 27.9
Which of the following statements about limited liability companies’s accounting is/are correct?
(3) IAS 10 Events after the reporting period requires all non-adjusting events to be disclosed in the notes to the financial statements.
The answer given about the statement above is ‘correct’.
What I know is if a non-adjusting event is identified and it is material (i.e. significant to the decision making of users), it should be disclosed by way of a note to the financial statements.
Am I wrong? Does non-adjusting events itself already mean it is with materiality?
Thanks a lot.
If you want to ask the tutor something directly, please use the following link-
https://opentuition.com/forum/ask-acca-tutor-forums/ask-the-tutor-acca-fa/
My own take on your question, is that with questions like the above (particularly with true or false questions or multiple choice), you should pick the more “correct ” answer if there is doubt or ambiguity.
I would suggest that unless stated or implied that materiality should be assumed with any question.
Anyone coming across this thread, please also see following-
https://opentuition.com/topic/non-adjusting-events-disclosed-2/
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