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IAS 10: Events after the Reporting Period ( QUIZ 001 )





1. Which one given below in not included in the objectives of IAS 10

• When entity should adjust its financial statements for events after reporting period.
• Disclosures to be given about the date when the financial statement authorized for issue.
• Disclosures that an entity should give about events after the reporting period
• Disclosures about average number of employees of the entity during the reporting year.
Check Answer

2. XYZ company on examining events after current reporting period concludes that there are indications that going concern basis is not appropriate , entity shall

• Prepare its financial statements on going concern basis.
• Prepare only statement of financial position on going concern basis.
• Prepare its statement of total comprehensive income on going concern basis.
• Not prepare its financial statements on going concern basis.
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3. IAS 10 events after the reporting period should be applied

• In accounting for events after reporting period.
• For disclosure for events after reporting period.
• All above.
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4. Only favorable events that occur between end of reporting period and the date when the financial statements are authorized for issue called events after reporting period.

• True
• False
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5. Favorable and unfavorable events that occur between end of reporting period and the date when the financial statements are authorized for issue called events after reporting period.

• True
• False
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6. IAS 10 does not deal with the following identified events

• Adjusting events after the reporting period
• Non-adjusting events after the reporting period.
• Specific events to be disclosed in director’s commentary in annual report.
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7. Board of directors of XYZ review annual financial statements and authorize for issue, after this financial statements are submitted to share holder for approval

• Financial statements are authorized for issue when board of directors approve.
• Financial statements are authorized for issue when shareholders approve.
• Financial statements are authorized for issue when submitted with local regulatory body.
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8. An entity identifies adjusting events after reporting period as per IAS 10

• Entity shall adjust amount recognized in financial statements to reflect these events.
• Entity shall not adjust amount recognized in financial statements.
• Entity shall adjust amount recognized in next year’s financial statements.
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9. An entity identifies non-adjusting events after reporting period as per IAS 10

• Entity shall adjust amount recognized in financial statements to reflect these events.
• Entity shall not adjust amount recognized in financial statements.
• Entity shall adjust amount recognized in next year’s financial statements.
Check Answer

10. If an entity declares dividends to holders of equity instruments after the reporting period, the entity shall not recognize those dividends as a liability at the end of the reporting period.

 • False
• True
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