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Cfas Pas 10 Reviewer

Events after the reporting period but before the financial statements are authorized that provide evidence of conditions that existed at the end of the reporting period require adjustment to the financial statements. This includes a loss on a lawsuit where the outcome was uncertain at year-end. Financial statements are authorized for issue when the board of directors reviews and authorizes them. Non-adjusting subsequent events require disclosure of the nature and effects of the event in the financial statements.

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719 views1 page

Cfas Pas 10 Reviewer

Events after the reporting period but before the financial statements are authorized that provide evidence of conditions that existed at the end of the reporting period require adjustment to the financial statements. This includes a loss on a lawsuit where the outcome was uncertain at year-end. Financial statements are authorized for issue when the board of directors reviews and authorizes them. Non-adjusting subsequent events require disclosure of the nature and effects of the event in the financial statements.

Uploaded by

Sandra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PAS 10 REVIEWER

1. Events after the reporting period are favorable or unfavorable events that occur between
- The end of the reporting period and the date when the financial statements are
authorized for issue.
2. Adjusting events are those that
- Provide evidence of conditions that existed at the end of the reporting period.
3. When after the end of reporting period an event occurs that is indicative of conditions that
arose after the end of reporting period.
- The entity shall disclose the nature and effect of the event in the financial
statements.
4. Financial statements are authorized for issue
- When the board of directors reviews and authorizes the financial statements for
issue.
5. Which event after the reporting period would require adjustment?
- Loss on a lawsuit the outcome of which was deemed uncertain at a year-end.

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