快速查题-ACCA英国注册会计师试题

IAS 10 Events after the reporting period regulates the extent to which events after the reporting period should be reflected in

financial statements.

Which one of the following lists of such events consists only of items that, according to IAS 10, should normally be classified

as non-adjusting?

Which of the following events occurring after the reporting period are classified as adjusting, if material?

1 The sale of inventories valued at cost at the end of the reporting period for a figure in excess of cost

2 A valuation of land and buildings providing evidence of an impairment in value at the year end

3 The issue of shares and loan notes

4 The insolvency of a customer with a balance outstanding at the year end

The financial statements of Overexposure Co for the year ended 31 December 20X1 are to be approved

on 31 March 20X2. Before they are approved, the following events take place.

1 On 14 February 20X2 the directors took the strategic decision to sell their investment in Quebec Co despite the fact that this investment generated material revenues.

2 On 15 March 20X2, a fire occurred in the eastern branch factory which destroyed a material amount of inventory. It is

estimated that it will cost $505,000 to repair the significant damage done to the factory.

3 On 17 March 20X2, a customer of Overexposure Co went into liquidation. Overexposure has been advised that it is unlikely

to receive payment for any of the outstanding balances owed by the customer at the year end.

How should these events reflected in the financial statements at 31 December 20X1?

Adjust                       Disclose                           Do nothing

Which of the following events between the reporting date and the date the financial statements are authorised for issue must

be adjusted in the financial statements?

1 Declaration of equity dividends

2 Decline in market value of investments

3 The announcement of changes in tax rates

4 The announcement of a major restructuring

Which of the following is the correct definition of an adjusting event after the reporting period?

 Which of the following material events after the reporting period and before the financial statements are approved by the

directors should be adjusted for in those financial statements?

1 A valuation of property providing evidence of impairment in value at the reporting period

2 Sale of inventory held at the end of the reporting period for less than cost

3 Discovery of fraud or error affecting the financial statements

4 The insolvency of a customer with a debt owing at the end of the reporting period which is still outstanding

The draft financial statements of a limited liability company are under consideration. The accounting treatment of the following material events after the reporting period needs to be determined.

1 The bankruptcy of a major customer, with a substantial debt outstanding at the end of the reporting period

2 A fire destroying some of the company's inventory (the company's going concern status is not affected)

3 An issue of shares to finance expansion

4 Sale for less than cost of some inventory held at the end of the reporting period

According to IAS 10 Events after the reporting period, which of the above events require an adjustment to the figures in the

draft financial statements?