[IAS 10.3], Adjusting event: An event after the reporting period that provides further evidence of conditions that existed at the end of the reporting period, including an event that indicates that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. The amendments to IFRS 10 and IAS 28 (2011) are prospective and are effective from 1 January 2016. This exemption is limited to 1 time within every 6 years. For property owned for less than 1 year: 45%; 2. For further information please contact: Gary Berchowitz IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005. Where are we located? Amendments to IFRS 17, ‘Insurance contracts’: PwC In brief INT2020-10. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). Paul Shepherd helps us navigate through the discussion paper issued by the IASB, Business Combinations - Disclosures, Goodwill and Impairment. Is there a difference between an asset measured at fair value or a non fair value measurement. IAS 10 Event After The Reporting Period 3. Located in PwC Luxembourg - Crystal Park Building 2, rue Gerhard Mercator L … Its date of authorization of financial statements for issue was 10 February 2013 and the annual general meeting is scheduled on 7 March 2013. PwC's Academy. ... Mumbai 10 days (Saturdays) Timings – 9:30am – 6:00pm ... IAS 1 Presentation of financial statements IAS 2 Inventory IAS 16 Property, plant and equipment Session 1 All rights reserved. ... in Global Mobility Services in PwC's People & Organization practice specializing in cross-border taxation with over 10 years experience. [IAS 10.3], An entity shall not prepare its financial statements on a going concern basis if management determines after the end of the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. IFRS news November 2019 PwC | 3. Insight Classification of liabilities as current or non-current (Amendment to IAS 1): PwC In brief INT2020-03 Please see www.pwc.com/structure for further details. 7.10 IFRS 9 19 8 Foreign currencies – IAS 21, IAS 29 20 9 Insurance contracts – IFRS 4 21 10 Revenue and construction contracts – IAS 18, IFRS 15, IAS 11and IAS 20 22 11 Segment reporting – IFRS 8 25 12 Employee benefits IAS 19 27 13 Share-based payment – IFRS 2 30 14 Taxation – IAS 12 31 Definition Events after the reporting period are those events, both favourable and unfavourable, that occur between the reporting date and the date on which the financial statements are authorized for issue. Do not hesitate and contact us. Jan 2008 – Present 12 years 7 months. Illustrative IFRS consolidated financial statements - Investment property 2019. Karsten Ganssauge talks through the December IFRIC agenda. IFRS 10 and IFRS 12 were issued in May 2011. IAS 10 Events After The Reporting Period contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. IAS 10 requires the entity to disclose the following: 1. [IAS 10.8], Do not adjust for non-adjusting events - events or conditions that arose after the end of the reporting period. Do you need more information? Marie Kling, PwC US, looks at both IAS 39 and IFRS 9 to help us understand the full impact. Episode 78: COVID-19 and classification and measurement in IFRS 9. IAS 10 defines an adjusting event as an event that provides evidence of conditions that existed at the reporting date. Set preferences for tailored content suggestions across the site, Episode 74: IAS 10, post balance sheet events and COVID-19. These words serve as exceptions. PwC’s Academy is a learning and education service offering of PwC India. 10%; and 3. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. As gains from property transaction will be taxed Ekaterina is an internal audit services (IAS) Manager in PwC’s Risk Assurance practice. Financial instruments, share based payments, employee benefits and statistics standards: IFRS 9/ IFRS 2/ IAS 19/ IAS 33 8 - 9 March 2021 Accounting for associates and joint ventures, group related standards: IAS 28/ IFRS 3/ IFRS 10/ IFRS 11 The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. COVID-19 has resulted in changes to loan agreements and payment schedules. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. IFRS 10 provides a single model for assessing whether an investor controls an investee and provides more extensive guidance on applying this model. Should you adjust the measurements of assets based on post balance sheet information? Any new standard presents challenges and questions when preparers of financial statements start implementation. A non-adjusting event indicates conditions that arose after the reporting date. Should you adjust the measurements of assets based on post balance sheet information? Subscribe to our Newsletter. For more information, refer to the PwC Publication: In depth IAS 29 becomes applicable in Argentina, which explains the application of IAS 29. [IAS 10.14], Non-adjusting events should be disclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluations and decisions. Listen to Episode 79. IFRS IC decision on disclosure of changes in … [IAS 10.10], If an entity declares dividends after the reporting period, the entity shall not recognise those dividends as a liability at the end of the reporting period. IAS 10 1. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. A look at current financial reporting issues cont’d. Session 3 Session 5 IFRS 3 Business combinations (Part 1) IFRS 10 Consolidated financial statements (Part 1) Session 2 IAS 36 Impairment of assets IAS 37 Provisions, contingent liabilities and contingent assets 17 May 2012: IASB concludes the 2009–2011 Annual Improvements cycle Gary Berchowitz (PwC UK) and Ruth Preedy (PwC UK) discuss all these questions in this latest episode. On 13 January 2016, IFRS 16 - the new standard for leases - was issued by the International Accounting Standards Board (IASB). The situation at 31 December 2019 was that a limited number of cases of an unknown virus had been reported to the World Health Organisation. [IAS 10.19], Companies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. For further information please contact: Gary Berchowitz, A digital platform with timely, relevant accounting and business insights, personalised for you. Start adding content to your list by clicking on the star icon included in each card. The e-learning courses are designed by PwC’s Academy Hungary with the aim to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. 2. IAS Manager PwC. Presentation of financial statements – IAS 1 8 Accounting policies, accounting estimates and errors – IAS 8 10 Fair value – IFRS 13 11 Financial instruments 12 Foreign currencies – IAS 21, IAS 29 16 Insurance contracts – IFRS 4, IFRS 17 18 Revenue and construction contracts –IFRS 15 and IAS 20 19 Segment reporting – IFRS 8 23 PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. It replaced those parts of IAS 10 Contingencies and Events Occurring After the Balance Sheet Date (originally issued June 1978, reformatted 1994) that were not replaced by IAS 37 (issued September 1998). The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. On 7 June 2017, guidance was issued by the IFRS Interpretations Committee (IFRIC) which clarifies how to account for uncertain tax treatments under IAS 12... Tax accounting considerations of IFRS 16. PwC's Academy is a training and development concept created by PwC for all those who wish to keep up-to-date with current professional developments and modern practices. Adjusting events are those providing evidence of conditions existing at the end of the reporting period, whereas non-adjusting events are indicative of conditions arising after the reporting period (the latter being disclosed where material). Once entered, they are only IFRS 10 retains the key principle of IAS 27 and SIC 12: all entities that are controlled by a parent are consolidated. For property owned for more than 1 year: 35%. IAS 40 Investment property IAS 38 Intangible assets IFRS 2 Share-based payment *Indicative course schedule; may be subject to change. Is there a difference between an asset measured at fair value or a non fair value measurement. hyphenated at the specified hyphenation points. International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). That is a non-adjusting event. Proposed IAS 1 amendments Proposed IAS 19 amendments Joint protocols with IOSCO 9 Questions and answers ‘J’ for joint arrangements 11 The bit at the back... For further information or to subscribe, contact us at corporatereporting@uk.pwc.com or register online. This site uses cookies to provide you with a more responsive and personalised service. Loading... Stay informed! It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements. Katie Woods explains some of the impacts of COVID-19 on accounting for employee benefits. IFRS specialist, Director, PwC United Kingdom. review IAS 10 standard's disclosure requirements. Shariq Chaudhry +923138577400 shari_ch400@live.co.uk 2. Each word should be on a separate line. If the enterprise's owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact. 10/03/20. By using this site you agree to our use of cookies. Property, plant and equipment is initially measured at its cost, subsequently measured either using a cost or revaluation model, and depreciated so that its depreciable amount is allocated on a systematic basis over its useful life. IAS 10 Events After the Balance Sheet Date was issued by the International Accounting Standards Committee in May 1999. Should entities incorporate the impact of COVID-19 in their Q1 2020 period end? Event after the reporting period: An event, which could be favourable or unfavourable, that occurs between the end of the reporting period and the date that the financial statements are authorised for issue. The date of authorization of financial statements and related authority. The accounting standard IAS 10 sets out when entities should adjust their financial statements for events after the reporting period and the disclosures that should be given about the date when the financial statements were authorised for issue. [IAS 10.3], Non-adjusting event: An event after the reporting period that is indicative of a condition that arose after the end of the reporting period. Gary Berchowitz (PwC UK) and Ruth Preedy (PwC UK) discuss all these questions in this latest episode. Sakaya Johns Rani sakaya.johns.rani@sg.pwc.com +65 6236 3648 Christine Lam lam.Christine@sg.pwc.com +65 6236 4095 Immigration Guide This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. PwC Digital Fitness App. This e-learning course is part of an e-learning series designed by PwC Academy Hungary which aims to provide a comprehensive overview of the application of IFRS (IAS) standards to finance and accounting experts who are already familiar with fundamental (local) accounting and reporting processes. [IAS 10.21], A company should update disclosures that relate to conditions that existed at the end of the reporting period to reflect any new information that it receives after the reporting period about those conditions. IFRS 10 applies to all investees and replaces the previous models for determining control found in IAS 27 and the interpretive guidance for special purpose entities found in SIC-12. Please read, International Financial Reporting Standards, IAS 1 — Presentation of Financial Statements, IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 — Events After the Reporting Period, IAS 15 — Information Reflecting the Effects of Changing Prices (Withdrawn), IAS 19 — Employee Benefits (1998) (superseded), IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance, IAS 21 — The Effects of Changes in Foreign Exchange Rates, IAS 22 — Business Combinations (Superseded), IAS 26 — Accounting and Reporting by Retirement Benefit Plans, IAS 27 — Separate Financial Statements (2011), IAS 27 — Consolidated and Separate Financial Statements (2008), IAS 28 — Investments in Associates and Joint Ventures (2011), IAS 28 — Investments in Associates (2003), IAS 29 — Financial Reporting in Hyperinflationary Economies, IAS 30 — Disclosures in the Financial Statements of Banks and Similar Financial Institutions, IAS 32 — Financial Instruments: Presentation, IAS 35 — Discontinuing Operations (Superseded), IAS 37 — Provisions, Contingent Liabilities and Contingent Assets, IAS 39 — Financial Instruments: Recognition and Measurement, ESMA issues statement disclosures related to sovereign debt, IASB publishes 'Improvements' exposure draft, Accounting considerations related to COVID-19 — Events after the reporting period, IAS Plus newsletter — Improvements to IFRSs 2008, Improvements to existing International Accounting Standards (2001-2003), Effective date of IAS 37, which superseded those portions of IAS 10 (1978) dealing with contingencies, Revised version of IAS 10 issued by the IASB, Adjust financial statements for adjusting events - events after the balance sheet date that provide further evidence of conditions that existed at the end of the reporting period, including events that indicate that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. You should not act upon the information contained in this publication without obtaining Scott Bandura talks us through how emissions trading schemes work and some of the challenges in how to account for them. IAS 10 Events After The Reporting Period contains requirements for when events after the end of the reporting period should be adjusted in the financial statements. [IAS 10.12]. „PwC“ bezeichnet in diesem Dokument die PricewaterhouseCoopers Aktiengesellschaft Wirtschafts -prüfungsgesellschaft, ... adjusting event under paragraph 10 of IAS 10. [IAS 10.17]. Project update issued by the IASB on 12 December 2013 announcing amendments affecting IFRS 1, IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24, IAS 38 and IAS 40. For Non-adjusting events the entity should disclose 3. © 2017 - 2020 PwC. The following events occurred as follows: (a… accordance with the For non-residents of Taiwan, the tax rate for disposal of building and land is as follows: 1. 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