Effects of the COVID-19 on 2020 Reporting Periods

For reporting periods ending on or after 31 January 2020, the effects of the COVID-19 would need to be incorporated into the preparation of financial statements. The financial reporting implications will depend on the facts and circumstances of each entity. The following are some of the financial reporting considerations that entities and engagement teams need … Continue reading Effects of the COVID-19 on 2020 Reporting Periods

IAS 10 – EVENTS AFTER THE REPORTING PERIOD

A fairly straightforward standard, that surprisingly causes confusion among professionals in real life. IAS 10 covers all events, favorable and unfavorable, that occur between the end of the reporting period and the date when the financial statements are authorized for issue. The standard splits the events into 2 categories: Adjusting eventsNon-adjusting events A common misconception … Continue reading IAS 10 – EVENTS AFTER THE REPORTING PERIOD