Under IAS 10 (Events After the Reporting Period),adjusting events that occur after the balance sheet date are:
A)similar to U.S.GAAP.
B)disclosed in a footnote only.
C)treated as a prior period adjustment.
D)not disclosed,since they occurred after the fact.

Question

Quizplus · Accepted Answer

Adjusting events that occur after the balance sheet date, which affect the financial position of the entity, are recognized and disclosed in the financial statements under IAS 10. This is similar to U.S. GAAP, which also requires adjusting events to be recognized in the financial statements.

Under IAS 10 (Events After the Reporting Period),adjusting Events That