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Lecture 10

In: Business and Management

Submitted By vineshkalimuthu
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MFRS 110 :EVENTS
AFTER THE REPORTING
DATE
CIA 1003 INTERMEDIATE FINANCIAL
ACCOUNTING AND REPORTING
CAEA 1214 FINANCIAL ACCOUNTING AND
REPORTING II
Semester 2, 2015/2016

Learning outcome
• Determine the different types of events after the reporting

period in accordance with MFRS110.
• Apply MFRS 110 to account for events after the reporting period either to:
• Make adjustments in the financial statements
• Prepare the necessary disclosures

• Present the different types of events after the reporting

period in the financial statements in compliance with
MFRS110.

Lecture outline
• Introduction
• Definitions
• Types of Events
-Adjusting Events
-Non Adjusting Event
• Other Issues
-Date of authorization for issue
-Dividends
-Going concern
-Disclosure

Introduction
• Bursa Malaysia requires large publicly traded companies

to lodge their unaudited financial statements within 2 months of fiscal year-end and full financial statements within 4 months
• Business continues during this “subsequent period” and events could take place that have an impact upon the firm’s financial statements for the preceding year
• These events are referred to in the accounting literature as subsequent events or post-balance sheet events.

Introduction
• The IASB has released IAS 10, dealing specifically with

the accounting for subsequent events.
• IAS 10 requires that companies adjust the reported amount of assets and liabilities if events occurring after the balance sheet date provide additional information about conditions that existed at the balance sheet date.
• IAS 10 requires that disclosure be made of significant subsequent events that is indicative of events that arose after the reporting date

What is an event after the reporting period? • Time lag of many weeks or months between:
• end of financial…...

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