Ordinarily, an event indicating a material condition arising after the reporting date requires:
A) adjustment.
B) adjustment and disclosure.
C) disclosure.
D) inclusion as an 'except for'.

Question

Quizplus · Accepted Answer

Events indicating a material condition arising after the reporting date typically require disclosure in the notes to the financial statements to inform users about the condition and its potential impact. These are considered non-adjusting events since they do not relate to conditions that existed at the balance sheet date.

Ordinarily, an Event Indicating a Material Condition Arising After the Reporting