If an adjusting event that occurs after reporting date is considered to be immaterial AASB 110 requires that the entity:
A) must disclose the nature of the event and a statement that an estimate of the financial effects cannot be made.
B) must recognise the event at balance date.
C) need not recognise nor disclose the event.
D) must recognise the event at balance date and need not recognise nor disclose the event.

Question

Quizplus · Accepted Answer

AASB 110 requires adjusting events that occur before the reporting date to be reflected in the financial statements, but it does not require adjusting events that occur after the reporting date to be recognised or disclosed unless they are material. If the event is immaterial, it need not be recognised nor disclosed.

If an Adjusting Event That Occurs After Reporting Date Is