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- IAS 10 – Events After the Reporting Period 0%
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Question 1 of 7
1. Question
Why is it important for users to know the date when financial statements were authorised for issue?
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Question 2 of 7
2. Question
If an entity receives information after the reporting period about conditions that existed at the end of the reporting period, it __________ that relate to those conditions, in the light of the new information.
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Question 3 of 7
3. Question
An entity needs to update the disclosures in its financial statements to reflect information received after the reporting period, only if the information affects the amounts that it recognises in its financial statements.
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Question 4 of 7
4. Question
IAS 10 requires entities to disclose information about any non-adjusting event after the reporting period.
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Question 5 of 7
5. Question
Which of the following non-adjusting events would not result in disclosure?
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Question 6 of 7
6. Question
The management of an entity completes draft financial statements for the year to 31 December 20X1 on 28 February 20X2. On 18 March 20X2, the board of directors reviews the financial statements and authorises them for issue. The financial statements are made available to shareholders and others on 1 April 20X2. The shareholders approve the financial statements at their annual meeting on 15 May 20X2 and the approved financial statements are then filed with a regulatory body on 17 May 20X2.
When are financial statements authorised for issue?CorrectIncorrect -
Question 7 of 7
7. Question
On 18 March 20X2, the management of an entity authorises financial statements for issue to its supervisory board. The supervisory board is made up solely of non-executives and may include representatives of employees and other outside interests. The supervisory board approves the financial statements on 26 March 20X2. The financial statements are made available to shareholders and others on 1 April 20X2. The shareholders approve the financial statements at their annual meeting on 15 May 20X2 and the financial statements are then filed with a regulatory body on 17 May 20X2.
When are financial statements authorised for issue?CorrectIncorrect