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CMA Intermediate · Corporate Accounting and Auditing · Events after the Reporting Period (Ind AS 10)

Under Ind AS 10, events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and which date?

The period runs from the end of the reporting period to the date the Board of Directors approves the financial statements for issue, in the case of a company. For other entities, it is the date the corresponding approving authority approves them. Favourable and unfavourable events both count.

  1. AThe date on which the auditor signs the audit report
  2. BThe date when the financial statements are approved by the Board of Directors for issue, in case of a companyCorrect
  3. CThe date of the annual general meeting adopting the accounts
  4. DThe date on which the financial statements are filed with the Registrar

Explanation

Ind AS 10 defines the period as ending on the date when the financial statements are approved by the Board of Directors in case of a company, and by the corresponding approving authority for other entities. The auditor's signing date, the AGM and the filing date are not the cut-off in the definition, so the other options are wrong.

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