PAS 10 (Events After Reporting Period): A CFAS Overview
refers to those events, favorable and unfavorable, that occur between the end of the reporting period
and the date when the financial statements are authorized for issue - correct answer ✔✔events after the
reporting period
also known as the subsequent events - correct answer ✔✔events after the reporting period
Type of Event: events the provide evidence of conditions that existed AT the end of the period - correct
answer ✔✔Adjusting events ATRP
Type of Event: events that are indicative of conditions that arose AFTER the reporting period - correct
answer ✔✔Non-adjusting events ATRP
T or F: discovery of fraud is an adjusting event - correct answer ✔✔True
T or F: the fall in value of an investment represents circumstances existing at the end of the previous
reporting period, SO IT IS NOT APPROPRIATE to adjust the value of the investment in the financial
statements - correct answer ✔✔True
T or F: casualty losses occuring after the reporting period but before the FS were authorized for issue is
considered as non-adjusting - correct answer ✔✔True
T or F: the determination after the reporting period of the cost of asset purchased, or the proceeds from
the asset sold, before the end of the reporting period is considered as non-adjusting - correct answer
✔✔False, adjusting
T or F: Dividends declared after the reporting period are not recognized as liab at the reporting period -
correct answer ✔✔true, ofc
T or F: PAS 10 allows the preparation of FS on a going concern basis if mngt determines after the
reporting period. - correct answer ✔✔False, prohibits
refers to those events, favorable and unfavorable, that occur between the end of the reporting period
and the date when the financial statements are authorized for issue - correct answer ✔✔events after the
reporting period
also known as the subsequent events - correct answer ✔✔events after the reporting period
Type of Event: events the provide evidence of conditions that existed AT the end of the period - correct
answer ✔✔Adjusting events ATRP
Type of Event: events that are indicative of conditions that arose AFTER the reporting period - correct
answer ✔✔Non-adjusting events ATRP
T or F: discovery of fraud is an adjusting event - correct answer ✔✔True
T or F: the fall in value of an investment represents circumstances existing at the end of the previous
reporting period, SO IT IS NOT APPROPRIATE to adjust the value of the investment in the financial
statements - correct answer ✔✔True
T or F: casualty losses occuring after the reporting period but before the FS were authorized for issue is
considered as non-adjusting - correct answer ✔✔True
T or F: the determination after the reporting period of the cost of asset purchased, or the proceeds from
the asset sold, before the end of the reporting period is considered as non-adjusting - correct answer
✔✔False, adjusting
T or F: Dividends declared after the reporting period are not recognized as liab at the reporting period -
correct answer ✔✔true, ofc
T or F: PAS 10 allows the preparation of FS on a going concern basis if mngt determines after the
reporting period. - correct answer ✔✔False, prohibits
