A non-adjusting event indicates conditions that arose after the reporting date. hyphenated at the specified hyphenation points. Katie Woods explains some of the impacts of COVID-19 on accounting for employee benefits. Scott Bandura talks us through how emissions trading schemes work and some of the challenges in how to account for them. International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). However, some of the detailed guidance is new and may result It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements. By using this site you agree to our use of cookies. On 7 June 2017, guidance was issued by the IFRS Interpretations Committee (IFRIC) which clarifies how to account for uncertain tax treatments under IAS 12... Tax accounting considerations of IFRS 16. The nature of such event and 4. Session 3 Session 5 IFRS 3 Business combinations (Part 1) IFRS 10 Consolidated financial statements (Part 1) Session 2 IAS 36 Impairment of assets IAS 37 Provisions, contingent liabilities and contingent assets [IAS 10.12]. The following events occurred as follows: (a… review IAS 10 standard's disclosure requirements. [IAS 10.19], Companies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. Please see www.pwc.com/structure for further details. Shariq Chaudhry +923138577400 shari_ch400@live.co.uk 2. 10%; and 3. Do not hesitate and contact us. Set preferences for tailored content suggestions across the site, Episode 74: IAS 10, post balance sheet events and COVID-19. [IAS 10.21], A company should update disclosures that relate to conditions that existed at the end of the reporting period to reflect any new information that it receives after the reporting period about those conditions. For property owned for less than 1 year: 45%; 2. That is a non-adjusting event. Illustrative IFRS consolidated financial statements - Investment property 2019. accordance with the For non-residents of Taiwan, the tax rate for disposal of building and land is as follows: 1. Presentation of financial statements – IAS 1 8 Accounting policies, accounting estimates and errors – IAS 8 10 Fair value – IFRS 13 11 Financial instruments 12 Foreign currencies – IAS 21, IAS 29 16 Insurance contracts – IFRS 4, IFRS 17 18 Revenue and construction contracts –IFRS 15 and IAS 20 19 Segment reporting – IFRS 8 23 The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. [IAS 10.3], Adjusting event: An event after the reporting period that provides further evidence of conditions that existed at the end of the reporting period, including an event that indicates that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. 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). Event after the reporting period: An event, which could be favourable or unfavourable, that occurs between the end of the reporting period and the date that the financial statements are authorised for issue. 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 40 Investment property IAS 38 Intangible assets IFRS 2 Share-based payment *Indicative course schedule; may be subject to change. The date of authorization of financial statements and related authority. Any new standard presents challenges and questions when preparers of financial statements start implementation. For more information, refer to the PwC Publication: In depth IAS 29 becomes applicable in Argentina, which explains the application of IAS 29. IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. 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. IAS 10 defines an adjusting event as an event that provides evidence of conditions that existed at the reporting date. For further information please contact: Gary Berchowitz For property owned for more than 1 year: 35%. IFRS 10 and IFRS 12 were issued in May 2011. You should not act upon the information contained in this publication without obtaining PwC Digital Fitness App. PwC's Academy. Please read, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn), IAS 19 — Employee Benefits (1998) (superseded), IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 22 — Business Combinations (Superseded), IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Separate Financial Statements (2011), IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 28 — Investments in Associates (2003), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 35 — Discontinuing Operations (Superseded), IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, ESMA issues statement disclosures related to sovereign debt, IASB publishes 'Improvements' exposure draft, Accounting considerations related to COVID-19 — Events after the reporting period, IAS Plus newsletter — Improvements to IFRSs 2008, Improvements to existing International Accounting Standards (2001-2003), Effective date of IAS 37, which superseded those portions of IAS 10 (1978) dealing with contingencies, Revised version of IAS 10 issued by the IASB, Adjust financial statements for adjusting events - events after the balance sheet date that provide further evidence of conditions that existed at the end of the reporting period, including events that indicate that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. Definition Events after the reporting period are those events, both favourable and unfavourable, that occur between the reporting date and the date on which the financial statements are authorized for issue. Episode 78: COVID-19 and classification and measurement in IFRS 9. [IAS 10.3], An entity shall not prepare its financial statements on a going concern basis if management determines after the end of the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. Subscribe to our Newsletter. It replaced those parts of IAS 10 Contingencies and Events Occurring After the Balance Sheet Date (originally issued June 1978, reformatted 1994) that were not replaced by IAS 37 (issued September 1998). Accounting for employee benefits International accounting Standards Committee in May 2011 or after 1 January 2005 periods beginning on after! 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