ACCA Study Options; ACCA Student Fees; ACCA Timetables; How to start ACCA; ACCA Accelerate Programme ; Foundation in Accountancy; ICB; Contact Us; Online Courses; Register Now! . Back to Course Next Lesson. ACCA Students: IAS 10 Events after the reporting period #accaf3 #accastudent #accastudents #studyacca #acca http://ift.tt/2uSITZh Please visit our global website instead. It would not be practicable for preparers to finalise financial statements without a period of time elapsing between the end of the reporting period and the date on which the financial statements are authorised for issue. FREE Courses Blog. FR F7 Blog Textbook Tests Test Centre … Hello Sir, First question is about having a legal obligation. Der International Financial Reporting Standard 10 (IAS 10) ist eine Rechnungslegungsvorschrift des International Accounting Standards Board (IASB), der die Bilanzierung und Anhangsangaben von Ereignissen nach dem Bilanzstichtag behandelt.. Diese Seite wurde zuletzt am 14. IAS 10 Events After The Reporting Period from past papers in ACCA FR (F7). Please visit our global website instead, Can't find your location listed? IAS 36 - Impairment of Assets (52:44) Start; 15. So we are trying to show what the situation at the SFP date was. We'll assume you're OK with this if you continue. Free sign up Sign In. FREE Courses Blog. • All above. • For disclosure for events after reporting period. You will be redirected to an external website for booking. IFRS 10 was issued in May 2011 and applies to annual periods beginning on or after 1 January 2013. It is anytime between period end and the date the accounts are authorised for issue. Donate. OpenTuition | ACCA | CIMA. However, what if we get more information about these estimates etc afterwards, but before the accounts are authorised and published.. should we change the accounts or not? Group accounting – part 2. Why is the answer to providing for the. Acowtancy. FR F7. IAS 28 Investments in Associates and Joint Ventures. CIMA F1 IAS 10 Events after the reporting period. IAS 10 contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. Students must know that these . ACCA Audit and Assurance Notes SBR BPP practice & revision kit june 19 5 6079969933444251819 IFRS IN Practice screen SBR-INT- Syllabus FA2018 BPP Taxation (TX) PR Kit 2019-2020 (accajukebox. SBR – STRATEGIC BUSINESS REPORTING (INT) STUDY NOTES TABLE OF CONTENTS. Contact information for your local office, Virtual classroom support for learning partners, define whether an event is in the scope of IAS 10, define whether an event after the reporting period is an adjusting event, define whether an event after the reporting period is a non-adjusting event, distinguish adjusting and non-adjusting events, identify proper accounting treatment or disclosures for adjusting and non-adjusting events, understand the concept of going concern and its relation to IAS 10. review IAS 10 standard's disclosure requirements. Obtaining this qualification will raise your professionalism in IFRS to the next level. On 21 August 2016, Evolve undertook a scrip (bonus) issue where the shareholders of Evolve received certain rights. ACCA CIMA CAT DipIFR Search. Reporting (FR) Tests Acca questions and answers on ias 16. The economic life of the vessels is estimated to be 30 years, but the useful life of some of the vessels is only 10 years because Kayte’s policy is to sell these vessels when they are 10 years old. An introduction to ACCA FR (F7) B7g. IAS 27 Separate Financial Statements. Free sign up Sign In. by … ACCA FR Chapter 5 IAS16 Questions. Events after Reporting Period are those that occur between the end of the reporting period and when the financial statements are authorized for issue. We use cookies to help make our website better. The most important thing to remember is that the accounts are prepared to the SFP date. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. This sale would be a non-adjusting event under IAS 10 Events after the Reporting Period if deemed to be material. 11 Comments. Free IFRS Quizzes IAS 10 – Events After the Reporting Period Quiz ) , () ) Previous Lesson. 10. After the SFP date = Between period end and date authorised for issue. View ACCA F3 / FIA FFA lectures Download F3 notes. The course includes practical examples and interim tests to enhance understanding. If the event gives us more information about the condition at the year-end then we adjust. IAS 10 Full text Overview. ACCA Johannesburg; Why ACCA. The following events occurred as follows: (a… Login; Select Page. IAS 10 sets the rules when an entity should adjust its financial statements for events after the reporting period together with the necessary disclosures. IFRS 11 Joint Arrangements. IAS 40 Investment Property (13:52) Start; 12. To read the whole embedded document use the navigational links at the bottom of snippet or the scroll bar of embedded document. The objective of this standard is to prescribe: 1. when an entity should adjust its financial statements for events after the reporting period; and 2. the disclosures that an entity should give about the date when the financial statements were authorised for issue and about events after the reporting period. IAS 10 requires the entity to disclose the following: 1. . IAS 16 PPE - Basics from ACCA F3 (104:58) Start; 10. ACCA CIMA CAT DipIFR Search. IAS 10 events after the reporting period should be applied • In accounting for events after reporting period. Only favorable events that occur between end of reporting period and the date when the financial statements are authorized for issue called events after reporting period. Latest ACCA DipIFR Book and Exam Kit 2019 At the end of this post, you will find the download link of Latest ACCA DipIFR Book and Exam Kit 2019 in the pdf format. Please spread the word so more students can benefit from our study materials. Preparing financial statements takes time. International Accounting Standard 10: Events After the Reporting Period clarifies the accounting treatment for events that occurred after balance sheet date but before financial statements are published. 1126/2008, es beschreibt den Umgang mit Sachverhalten, die nach Bilanzstichtag bekannt werden, aber noch in die zu berichtende Periode gehören. . Summaries of IAS and IFRS. IAS 10 events after the reporting period give guidance as: to specify when a company should adjust its financial statements for events that occur after the end of the reporting period, but before the financial statements are authorized for issue. Download all ACCA course notes, track your progress, option to buy premium content and subscribe to eNewsletters and recaps. The Standard also requires that an entity should not prepare its financial statements on a going concern basis if events after the reporting period indicate that the going concern assumption is not appropriate. ACCA Bursary; Unemployed Graduates Bursary Fund; ACCA Campus. Read More . So kann ein Unternehmen beispielsweise die Bezeichnung „Gesamtergebnisrechnung“ anstatt „Darstellung von Gewinn oder … i) distinguish between and account for adjusting and non-adjusting events after the reporting period, ii) Identify items requiring separate disclosure, including their accounting treatment and required disclosures, We are looking at transactions that happen in this period, and whether we should go back and adjust our accounts for the year end or not adjust and just put into next year’s accounts. ACCA F3 IAS 10 Events after the Reporting Period. IAS 16 - Tangible Non-Current Assets (79:42) Start; 11. aashishmishra27 says. Acowtancy. IFRS 10 outlines the requirements for the preparation and presentation of consolidated financial statements, requiring entities to consolidate entities it controls. Ein Unternehmen kann für diese Bestandteile andere Bezeichnungen als die in diesem Standard vorgesehenen Begriffe verwenden. The nature of such event and 4. Comments. July 28, 2018 at 1:17 pm. Control requires exposure or rights to variable returns and the ability to affect those returns through power over an investee. This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. IAS 10 Events After The Reporting Period as documented in theACCA FR (F7) textbook. All of this is explained in IAS 10. The conceptual and regulatory framework for financial reporting. However, it may be that more information ABOUT the conditions at the SFP date have come about afterwards and so we should adjust the accounts. The event provides evidence of conditions that existed at the period end, (This is evidence that debtor was bad at SFP date also), Stock is sold at a loss 2 weeks after SFP date, Property gets impaired 3 weeks after SFP date, (This implies that the property was impaired at the SFP date also), The result of a court case confirming the company did have a present obligation at the year end, The settling of a purchase price for an asset that was bought before the year end but the price was not finalised, The discovery of fraud or error in the year, These are events (after the SFP date) that occurred which do not give evidence of conditions at the year end, rather they are indicative of conditions AFTER the SFP date, Stock is sold at a loss because they were damaged post year-end, (This is evidence that they were fine at the year-end - so no adjustment), Property impaired due to a fall in market values generally post year end. It might take a little while to load so be patient. November 2018 um 18:34 Uhr bearbeitet. IFRS 3 Goodwill (23:09) Start IAS 36 and Questions Available in days days after you enroll 14. The definition in IAS 10 is: Events after the balance sheet date are those events, both favourable and unfavourable, that occur between the balance sheet date and the date when the financial statements are authorised for issue. The date of authorization of financial statements and related authority. There are 4 main types of material events after the reporting period: By Admin ACCA, ACCA F7 Financial Reporting, ACCA … review IAS 10 standard's disclosure requirements. ACCA Diploma in IFRS (DipIFR) is an international qualification in IFRS developed by the leading professional accounting organisation Association of Chartered Certified Accountants (ACCA). It defines both adjusting and non-adjusting events. ACCA BT F1 MA F2 FA F3 LW F4 Eng PM F5 TX F6 UK FR F7 AA F8 FM F9 SBL SBR INT SBR UK AFM P4 APM P5 ATX P6 UK AAA P7 INT AAA P7 UK. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). 2. ACCA Financial Reporting (FR) - Non-current assets IAS16 - Practice Questions - Chapter 5 Free ACCA Financial Reporting (FR) Tests Acca questions and answers on ias 16. Classroom Revision Mock Exam … IFRS 12 Disclosure of Interests in Other Entities . If you have found OpenTuition useful, please donate. This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. IAS 10 Events after the Reporting Period 2017 - 07 1 Objective This Standard prescribes when an entity should adjust its financial statements for events after the reporting period and the disclosures that should be given about the date when the financial statements were authorised for issue and about the events after the reporting date. This course explains the appropriate accounting treatment and disclosure requirements of events that occur between the end of the reporting period and the date when financial statements are authorised for issue. Well it may well be that many of the figures in the accounts are estimates at the period end. The global body for professional accountants, Can't find your location/region listed? IAS 1 says that an entity must classify an asset as current on the statement of financial position if: 1. it is realized or consumed during the entity’s normal trading cycle, or 2. it is held for trading, or 3. it will be realized within 12 months of the reporting date.All other assets are classified as non-current.IAS 1 says that an entity must classify a liability as current on the statement of financial position if: 1. it is settled during the entity’s normal … Why is the answer to providing for the. . This site uses cookies. Cert. IAS 1 - Presentation of Financial … Check Answer 4. Not afterwards. December 29, 2018. Adjust the accounts to a break up basis regardless if the event was a non-adjusting event. IAS 38 - Intangible Non Current Assets (66:09) Start; 13. • Kayte’s vessels constitute a material part of its total assets. IFR by ACCA (Certificate in International Financial reporting) ... IFRS 10 Consolidated Financial Statements. Events after the reporting period (IAS 10) Impairment of assets (IAS 36) Exploration for and exploration of mineral resources (IFRS 6) IFRIC rejections ; IFRS SME . Hello Sir, First question is about having a legal obligation. CIMA F1 Chapter – 12 – IAS 2 Inventories & IAS 10 Events after the reporting period. For Non-adjusting events the entity should disclose 3. Preview text. Reader Interactions. Free ACCA and CIMA on line courses | Free ACCA, CIMA, FIA Notes, Lectures, Tests and Forums To find out more, see our Cookies Policy Terms & Conditions Articles. Question is what events to adjusted for and what to be left for next accounting period. his course is based on ACCA FR (F7) syllabus as prescribed by the ACCA. Spread the word. IAS 10 Events after the Reporting Period provides guidance as to which events should lead to adjustments in the financial statements and which events shall be disclosed in the notes to financial statements. ACCA FR Chapter 5 IAS16 Questions. FR F7 Blog Textbook Tests Test Centre Exams Exam Centre. These, ACCA DipIFR Book and Exam Kit 2019 will help you to prepare for your upcoming exams. Date of Authorization for Issue. The accounting standard IAS 10 sets out when entities should adjust their financial statements for events after the reporting period and the disclosures that should be given about the date when the financial statements were authorised for issue. FR F7. What is the treatment of 1. IFRS 3 Business Combinations . (This is evidence that the property value was fine at the year end - so no adjustment required). The acquisition or disposal of a subsidiary post year end, A formal plan issued post year end to discontinue a major operation, The destruction of an asset by fire or similar post year end, Non-adjusting event which affects Going Concern. The aim of ACCA Financial Reporting (FR) (F7) is to develop knowledge and skills in understanding and applying accounting standards and the theoretical framework in the preparation of financial statements of entities, including groups and how to analyse and interpret those financial statements ias 10 • (a) Evolve is a real estate company, which is listed on the stock exchange and has a year end of 31 August. You can change your Cookie Settings any time. 4. Following embedded snippet contain the summary of IAS 10 Events After the Reporting Period. ACCA BT F1 MA F2 FA F3 LW F4 Eng PM F5 TX F6 UK FR F7 AA F8 FM F9 SBL SBR INT SBR UK AFM P4 APM P5 ATX P6 UK AAA P7 INT AAA P7 UK. Its date of authorization of financial statements for issue was 10 February 2013 and the annual general meeting is scheduled on 7 March 2013. Originalfassungen des IAS 10 der Verordnung (EG) Nr. 11 Comments. 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