IAS 10 EVENTS A= FTER THE REPORTING PERIOD
HISTORY OF IAS = 10
July 1977	Exposure Draft E10 Contingencies and Events Occurring A= fter the Balance Sheet Date
October 1978	IAS 10 Contingencies and Events Occurring After the Bal= ance Sheet Date effective 1 January 1980
1994	IAS 19 (1978) was reformatted
August 1997	Exposure Draft E59 Provisions, Contingent Liabilities a= nd Contingent Assets
September 1998	IAS 37, Provisions, Contingent Liabilities and Contingent Assets
1 July 1999	Effective Date of IAS 37, which superseded those portions = of IAS 19 (1978) dealing with contingencies
November 1998	Exposure Draft E63 Events After the Balance Sheet Date<= /i>
May 1999	IAS 10 (1999) Events After the Balance Sheet Date superseded those portions of IAS 10 (1978) dealing with events after the balance sheet date
1 January 2000	Effective Date of IAS 10 (1999)
18 December 2003	Revised version of IAS 10 issued by the IASB The summary below reflects = those revisions.
1 January 2005	Effective date of IAS 10 (Revised 2003)<= /p>
6 September 2007	Retitled Events afte= r the Reporting Period as a consequential amendment resulting from revisi= ons to IAS 1=
RELATED INTERPRETATIONS
Issues Re= lating to This Standard that IFRIC Did Not Add to Its Agenda

SUMMARY OF IAS = 10

Key Definitions

Eve= nt after the reporting period: An event, which could be favourable or unfavourable, that occurs between the end of the reporting period and the date that t= he financial statements are authorised for iss= ue. [IAS 10.3]

Adj= usting event: An event after the reporting period that provides further evidence of conditions that existed at the end of the reporting period, including an event that indicates that the going concern assumption in relation to t= he whole or part of the enterprise is not appropriate. [IAS 10.3]

Non= -adjusting event: An event after the reporting period that is indicative of a condition t= hat arose after the end of the reporting period. [IAS 10.3]

Accounting

Adjust financial state= ments for adjusting events – events after the balance sheet date t= hat provide further evidence of conditions that existed at the end of = the reporting period, including events that indicate that the going concern assumption in relation to the whole or part of the enterpr= ise is not appropriate. [IAS 10.8]
Do not adjust for non-adjusting events – events or conditions that arose after= the end of the reporting period. [IAS 10.10]
If an entity declares dividends after the reporting period, the entity shall not recognise those dividends as a liability at = the end of the reporting period. That is a non-adjusting event. [IAS 10.12]

Going Concern Issues Arising Af= ter End of the Reporting Period

An ent= ity shall not prepare its financial statements on a going concern basis if management determines after the end of the reporting period either that= it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. [IAS 10.14]

Disclosure

Non-ad= justing events should be disclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluat= ions and decisions. The required disclosure is (a) the nature of the event a= nd (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. [IAS 10.21]

A comp= any should update disclosures that relate to conditions that existed at the= end of the reporting period to reflect any new information that it receives after the reporting period about those conditions. [IAS 10.19]

Compan= ies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the enterprise's owners or othe= rs have the power to amend the financial statements after issuance, the enterprise must disclose that fact. [IAS 10.17]