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Accounting Textbook
IFRS Financial Reporting

IFRS,  IFRS Texbook IFRS Dictionary IFRS U.S. GAAP Comparison
Principles of Accounting Intermediate AccountingU.S. GAAP Textbook
Securities Law Library,  U.S. GAAP Codification Accounting Dictionary

Section 2800: Subsequent Events

International Accounting Standard 10
Events after the Reporting Period

1. First version of IAS 10
"Contingencies and events occurring after the balance sheet date" issued in June 1978

2. Revisions
September 1998: IAS 37 replaced parts of IAS 10
May 1999: "Events after the balance sheet date"
December 2003: "Events after the balance sheet date"
September 2007: Revised version of IAS 1 changed the title of IAS 10 to
"Events after the reporting period"

[U.S. GAAP Codification Topic]
855 Subsequent events

[U.S. GAAP before the Codification]
SFAS 165, May 2009, Subsequent events
AICPA, Codification of Statements on Auditing Standards, AU Section 850, Subsequent Events

3. Events after the reporting period, IAS 10.3
Events that occur between (1) and (2)
(1) end of reporting period
(2) date of financial statements authorised for issue

4. Subsequent events: U.S. GAAP, ASC 855-10
AICPA Codification of Statements on Auditing Standards
AU Section 560, Subsequent events
Events occurred
(1) subsequent to the balance sheet date, but
(2) prior to the issuance of financial statements

5. Authorisation for issue, IAS 10.5
Financial statements authorised for issue,
--> when board of directors authorises the issue
If Board approved on 2 March, 2011
Shareholders approved on 8 March, 2011,
--> Financial statements were authorised for issue, on 2 March, 2011

6. Authorisation for issue: U.S. GAAP, ASC 855-10-s99-2
SEC Staff Announcement at EITF meeting
Financial statements are issued,
on the date financial statements are distributed for general use,
in compliance with GAAP and GAAS

7. Examples of adjusting events, IAS 10.8
(1) a court case was settled, confirming the obligation at the end of reporting period
(2) additional information indicating an asset impairment, at the end of reporting period
(2a) if a customer files bankruptcy after the reporting period,
--> trade receivables at the end of reporting period need adjustments
(3) costs of assets purchased before the end of reporting period
--> were determined after the reporting period
(4) there was an obligation for profit-sharing and bonus at the end of reporting period,
--> and the amounts were determined after the reporting period
(5) errors or fraud affecting financial statements at the end of reporting period
--> were discovered after the reporting period

8. Examples of non-adjusting events, IAS 10.10, 22
(1) when market value of investments declined after the reporting period,
--> amounts recognised in financial statements are not adjusted.
(2) business combination
(3) sale of a subsidiary
(4) major purchase or disposal of assets
(5) major restructuring
(6) significant commitments
(7) major litigation due to the events occurred after the reporting period

9. Dividends declared after the reporting period, IAS 10.12, 13
For dividends declared after the reporting period,
(1) such dividends are not recognised as a liability, at the end of reporting period
(2) such dividends are disclosed in the notes

10. Going concern, IAS 10.14
Financial statements are not prepared, on a going concern basis,
if the following occurred after the reporting period:
(1) management intends to liquidate
(2) management intends to cease trading
(3) no realistic alternative to liquation

11. Financial statements are prepared on a going concern basis,
unless the following occurred: IAS 1.25
(1) management intends to liquidate
(2) management intends to cease trading
(3) no realistic alternative to liquation

12. Going concern assumption, IAS 10.15
If going concern assumption is not appropriate
--> do not prepare financial statements, on a going concern basis.

Index of IFRS Financial Reporting Textbook

   IFRS 1 - IFRS 9
IFRS Overview
IFRS 1: First-time adoption of International Financial Reporting Standards
IFRS 2: Share-based payment
IFRS 3: Business combinations
IFRS 4: Insurance contracts
IFRS 5: Non-current assets held for sale and discontinued operations
IFRS 6: Exploration for and evaluation of mineral resources
IFRS 7: Financial instruments: disclosures
IFRS 8: Operating segments
IFRS 9: Financial Instruments

U.S. GAAP by Codification Topics 
 105  GAAP Hierarchy 
 105  GAAP History 

 205  Presentation of Financial Statements 
 205-20 Discontinued Operations 
 210  Balance Sheet 
 210-20 Offsetting 
 220  Comprehensive Income 
 225  Income Statement 
 225-20 Extraordinary and Unusual Items 
 230  Statement of Cash Flows 
 250  Accounting Changes and Error Corrections 
 260  Earnings per Share 
 270  Interim Reporting
 310  Impairment of a Loan
 320  Investment Securities 
 320  Other-Than-Temporary Impairments, FSP FAS 115-2 
 320-10-05 Overview of Investments in Other Entities 
 320-10-35 Reclassification of Investments in Securities
 323-10 Equity Method Investments
 323-30 Investments in Partnerships and Joint Ventures 
 325-20 Cost Method Investments 
 330  Inventory

 340-20 Capitalized Advertising Costs 
 350-20 Goodwill 
 350-30 Intangibles Other than Goodwill 
 350-40 Internal-Use Software 
 350-50 Website Development Costs 
 360  Property, Plant and Equipment
 360-20 Real Estate Sales

 410  Asset Retirement and Environmental Obligations 
 420  Exit or Disposal Cost Obligations 
 450  Contingencies 
 450-20 Loss Contingencies 
 450-30 Gain Contingencies
 480  Redeemable Financial Instruments 

 505-20 Stock Dividends, Stock Splits 
 505-30 Treasury Stock 

 605  SEC Staff Accounting Bulletin, Topic 13 
 605-25 Revenue Recognition - Multiple Element Arrangements 
 715-30 Defined Benefit Plans - Pension
 718  Share-Based Payment 
 730  Research and Development 
 730-20 Research and Development Arrangements 

 805  Business Combinations  
 810  Consolidation 
 810  Noncontrolling Interests 
 810  Consolidation of Variable Interest Entities, SFAS 167 
 815  Derivatives and Hedging Overview 

 820  Fair Value Measurements  
 820  Fair value when the markets are not active, FSP FAS 157-4
 825  Fair Value Option 

 830  Foreign Currency Matters 
 830-20 Foreign Currency Transactions 
 830-30 Translation of Financial Statements 
 835  Interest 
 835-20 Capitalization of Interest 
 835-30 Imputation of Interest 

 840  Leases 
 840-20 Operating Leases 
 840-30 Capital Leases 
 840-40 Sale-Leaseback Transactions
 845  Nonmonetary Transactions 

 855  Subsequent Events 
 860-20 Sale of Financial Assets, SFAS 166 
 860-50 Servicing Assets and Liabilities, SFAS 156 

 985-20 Costs of software to be sold  

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