BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1 only
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2 and 4
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3 only
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None of them
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Detailed explanation-1: -Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue.
Detailed explanation-2: -Disclosure. 17 An entity shall disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the entity’s owners or others have the power to amend the financial statements after issue, the entity shall disclose that fact.
Detailed explanation-3: -Which of the following events after the reporting period would require adjustment in an entity’s financial statements? Bankruptcy of a customer, which occurs after the end of the reporting period and before the issuance of the statements, resulting in the loss of a trade receivable account.
Detailed explanation-4: -The date that the financial statements are authorized for issue is generally the date at which the financial statements are authorized and issued by management, either to the shareholders or to a supervisory board (made up solely of non-executives), if given.