With reference to IAS 10 Events after the reporting period and IAS 37 Provisions, contingent liabilities and
Question:
With reference to IAS 10 Events after the reporting period and IAS 37 Provisions, contingent liabilities and contingent assets:
(a) Define the following terms:
(i) Events after the reporting period
(ii) Adjusting events
(iii) Non-adjusting events
(iv) Contingent asset/liability;
(b) Give FOUR examples of adjusting events, and FOUR examples of non-adjusting events; and
(c) State how
(i) A material contingent liability, and
(ii) Material contingent assets should be accounted for in financial statements.
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a Definitions i Events after the reporting period Events after the reporting period are events that occur between the end of the reporting period the date of the financial statements and the date when ...View the full answer
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