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.
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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.
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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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