Advanced financial accounting - Lecture 27: Events after balance-sheet IAS-10, provisions, contingent liabilities and assets IAS-37

Advanced financial accounting - Lecture 27: Events after balance-sheet IAS-10, provisions, contingent liabilities and assets IAS-37. The main topics covered in this chapter include: financial statement; draft financial statement; published financial statement; adjusting events;... Please refer to the lecture for details!

Advanced Financial Accounting FIN-611 Mian Ahmad Farhan Lecture-27 Events after Balance-sheet IAS-10 Provisions, Contingent Liabilities & Assets IAS-37 Financial Statement Draft financial statement Published financial statement Jan 2008 Accounting Period 31 Dec 2008 25 March 2009 31 Dec.2009 Events occurs after the balance sheet date Adjusting events Non-adjusting events Adjusting Events Adjusting events are the events which provide the further evidence relating to the condition existing to balance sheet date Non-adjusting Events There are the events that are indicative of conditions that arose after the balance sheet date Dividend Going Concern Measurement Basis Historical cost Current cost Realizable value Present value IAS-37 Provision, Contingent liabilities & Contingent Assets Provisions Reduction in assets Provision for doubtful debts Provision for depreciation Increase in liabilities Future Losses Provision Provision is a liability of uncertain timing and events Liabilities A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits  ... Adjusting events Non-adjusting events Adjusting Events Adjusting events are the events which provide the further evidence relating to the condition existing to balance sheet date Non-adjusting Events. . .Financial Statement Draft financial statement Published financial statement Jan 2008 Accounting Period 31 Dec 2008 25 March 2009 31 Dec.2009 Events occurs after the balance... value IAS-37 Provision, Contingent liabilities & Contingent Assets Provisions Reduction in assets Provision for doubtful debts Provision for depreciation Increase in liabilities Future Losses