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ACCA Applied Knowledge · Financial Accounting · Events after the reporting period

Under IAS 10 Events after the Reporting Period, the period in which events after the reporting period can occur runs from the end of the reporting period until which date?

The period ends on the date the financial statements are authorised for issue. IAS 10 uses this as the cut-off for favourable and unfavourable events, rather than the AGM, audit report signing or regulatory filing date, which may fall later.

  1. AThe date the financial statements are authorised for issueCorrect
  2. BThe date the annual general meeting approves the financial statements
  3. CThe date the auditor signs the audit report
  4. DThe date the financial statements are filed with the regulator

Explanation

IAS 10 defines events after the reporting period as those occurring between the end of the reporting period and the date the financial statements are authorised for issue. The AGM date or filing date may be later and do not set the cut-off. The audit report date is not the defined cut-off either.

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