IAS 10 deals with events after the reporting period. Required: (a) Define the period covered by…

IAS 10 deals with events after the reporting period.

Required: (a) Define the period covered by IAS 10.

(b) Explain when the financial statements should be adjusted.

(c) Why should non-adjusting events be disclosed?

(d) A customer made a claim for £50,000 for losses suffered by the late delivery of goods. The main part (£40,000) of the claim referred to goods due to be delivered before the year-end. Explain how this would be dealt with under IAS 10.

(e) After the year-end a substantial quantity of inventory was destroyed in a fire. The loss was not adequately covered by insurance. This event is likely to threaten the ability of the business to continue as a going concern. Discuss the matters you would consider in making a decision under IAS 10.

(f) The business entered into a favourable contract after the year-end that would see its profits increase by 15% over the next three years. Explain how this would be dealt with under IAS 10.

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