Which of the following is NOT an example of an adjusting event under IAS 10 Events after the Reporting Period?
A) the settlement after reporting date but prior to the date that the financial statements are authorised for issue of a court case which had commenced prior to reporting date;
B) the sale of inventories after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost;
C) uninsured damage to a material item of machinery after reporting date but prior to the date that the financial statements are authorised for issue for an amount below cost;
D) receipt of advice after reporting date but prior to the date that the financial statements are authorised for issue that a material debtor has been placed in liquidation.

Question

Quizplus · Accepted Answer

Uninsured damage to a material item of machinery after the reporting date does not provide additional information about conditions that existed at the end of the reporting period and is therefore considered a non-adjusting event under IAS 10.

Which of the Following Is NOT an Example of an Adjusting