Events after the reporting date
In this lesson, you'll learn how to identify and account for events that occur after the reporting date—a key requirement in Financial Reporting and Strategic Business Reporting exams.
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In this lesson
- 0:00 Events after the reporting date overview
- 0:26 Adjusting events explained
- 1:34 Non-adjusting events and disclosures
- 2:48 Going concern assessment and implications
- 4:08 Session summary
About this lesson
You'll discover the crucial distinction between adjusting events, which require you to revise the financial statements because they reveal conditions that existed at year-end, and non-adjusting events, which you simply disclose without changing the numbers. Practical examples include treating fraud discoveries and asset sales as adjusting events, while major acquisitions and restructuring announcements are non-adjusting. The lesson also covers going concern assessments: if post-year-end deterioration suggests the business may not survive, you must restate the financial statements on a break-up basis and disclose the uncertainty clearly. Mastering this topic ensures you handle the often-tricky boundary between what gets adjusted and what gets disclosed—a common exam focus.
Duration: 4m
Transcript
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