International Financial Reporting Standards (IFRS)

IFRS for Small and Medium-sized Entities (SMEs)
Section 32: Events after the End of the Reporting Period

1. SME 32 covers the events occurred between (A) and (B)
(A) the end of the reporting period
(B) the date when financial statements are authorised for issue

2. Two types of events
(1) adjusting events
--> amounts in financial statements are adjusted

(2) non-adjusting events
--> amounts in financial statements are not adjusted

3. Examples of adjusting events:

(1) settlement of a court case
--> confirming the obligation at (A)
--> (A) the end of the reporting period

(2) information confirming the impairment of asset at (A)

(3) information confirming the cost of assets
--> purchased before (A)

(4) discovery of fraud or errors
--> in financial statements

4. An example of non-adjusting events

Decline in market value of investments
--> occurred after (A)
--> (A) the end of the reporting period

IAS 10: Events after the reporting period
--> title changed by IAS 1 revised in September 2007

IAS 10: Events after the balance sheet date
--> issued in May 1999
--> replaced IAS 10 issued in June 1978
--> revised in December 2003

IAS 10: Contingencies and events occurring after the balance sheet date
--> issued in June 1978
--> reformatted in 1994
--> revised with modified title: Events after the balance sheet date