Financial Reporting

IAS 10 EVENTS AFTER BALANCE SHEET DATE MCQs with Answers

IAS 10 EVENTS AFTER BALANCE SHEET DATE MCQs with Answers

Events after the balance sheet date are those events, both favorable and unfavorable, that occur between the balance sheet date and the date when the financial statements are authorized for issue

Now Let’s check your knowledge about IAS 10 Events after Balance Sheet Date Quiz

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On 29 January 2007, management of an undertaking completes draft financial statements for the year to 31 December 2006. On 4 February 2007, the board of directors reviews the financial statements and approves them for issue. On 15 February 2007, the undertaking announces its profit and selected other financial information. On 18 March 2007, The financial statements are made available to shareholders, and others. On 25 April 2007, the shareholders approve the financial statements at the annual meeting. On 29 April 2007, the approved financial statements are then filed with a regulatory body. Which of the above dates marks the end of the period covered by IAS 10?

Correct! Wrong!

Adjusting events means:

Correct! Wrong!

You learn of the bankruptcy of a customer that occurs after the year end. You need to:

Correct! Wrong!

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There is receipt of information, after the year end indicating that an asset was impaired at the year end. You need to:

Correct! Wrong!

You are informed of a fraud, that shows that financial statements, that you are about to approve to be incorrect. You need to:

Correct! Wrong!

You receive the calculation of the amount of profit-sharing payments, relating to the period of the financial statements, after the year end. You need to:

Correct! Wrong!

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IAS 10 identifies the period covered by these events as starting immediately after the year end, and ending at the date of:

Correct! Wrong!

There is receipt of information, after the year end indicating that the amount of a previously-recorded impairment loss for that asset needs to be adjusted. You need to:

Correct! Wrong!

Your company declares a dividend, between the year end, and the date when the financial statements are approved for issue. You need to:

Correct! Wrong!

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You learn of a decline in market value of investments, between the year end, and the date when the financial statements are approved for issue. You need to:

Correct! Wrong!

You learn of the determination after the year end of the cost of assets purchased. You need to:

Correct! Wrong!

If there is a public announcement of profit, or other information:

Correct! Wrong!

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IAS 10 guides about:

Correct! Wrong!

Correct! Wrong!

You learn of a change to the proceeds from assets sold, before the year end. You need to:

Correct! Wrong!

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There is a settlement, after the end of reporting period, of a court case that confirms that the undertaking had a present obligation, at the year end. You need to:

Correct! Wrong!

Non adjusting events means:

Correct! Wrong!

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