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. Once entered, they are only On 13 January 2016, IFRS 16 - the new standard for leases - was issued by the International Accounting Standards Board (IASB). [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. 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. Should you adjust the measurements of assets based on post balance sheet information? Is there a difference between an asset measured at fair value or a non fair value measurement. IFRS 10 retains the key principle of IAS 27 and SIC 12: all entities that are controlled by a parent are consolidated. The date of authorization of financial statements and related authority. Should entities incorporate the impact of COVID-19 in their Q1 2020 period end? Shariq Chaudhry +923138577400 shari_ch400@live.co.uk 2. This exemption is limited to 1 time within every 6 years. [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. If the enterprise's owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact. 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. 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. hyphenated at the specified hyphenation points. Its financial impact Worked Example: AB Ltd engaged in manufacturing facility and has year end of 31 December 2012. Marie Kling, PwC US, looks at both IAS 39 and IFRS 9 to help us understand the full impact. Gary Berchowitz (PwC UK) and Ruth Preedy (PwC UK) discuss all these questions in this latest episode. All rights reserved. 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. Paul Shepherd helps us navigate through the discussion paper issued by the IASB, Business Combinations - Disclosures, Goodwill and Impairment. [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. 10%; and 3. PwC’s Academy is a learning and education service offering of PwC India. Where are we located? [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. 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. 2. Subscribe to our Newsletter. Each word should be on a separate line. IAS 10 1. 10/03/20. [IAS 10.8], Do not adjust for non-adjusting events - events or conditions that arose after the end of the reporting period. Loading... Stay informed! Katie Woods explains some of the impacts of COVID-19 on accounting for employee benefits. 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). Karsten Ganssauge talks through the December IFRIC agenda. For more information, refer to the PwC Publication: In depth IAS 29 becomes applicable in Argentina, which explains the application of IAS 29. ... in Global Mobility Services in PwC's People & Organization practice specializing in cross-border taxation with over 10 years experience. Illustrative IFRS consolidated financial statements - Investment property 2019. 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). Episode 78: COVID-19 and classification and measurement in IFRS 9. IAS 10 requires the entity to disclose the following: 1. IAS 10 Events After the Balance Sheet Date was issued by the International Accounting Standards Committee in May 1999. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. 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. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox. [IAS 10.17]. PwC Digital Fitness App. Gary Berchowitz (PwC UK) and Ruth Preedy (PwC UK) discuss all these questions in this latest episode. 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. [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. For further information please contact: Gary Berchowitz Amendments to IFRS 17, ‘Insurance contracts’: PwC In brief INT2020-10. However, some of the detailed guidance is new and may result Insight „PwC“ bezeichnet in diesem Dokument die PricewaterhouseCoopers Aktiengesellschaft Wirtschafts -prüfungsgesellschaft, ... adjusting event under paragraph 10 of IAS 10. By using this site you agree to our use of cookies. Should you adjust the measurements of assets based on post balance sheet information? Its date of authorization of financial statements for issue was 10 February 2013 and the annual general meeting is scheduled on 7 March 2013. 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. IAS 10 defines an adjusting event as an event that provides evidence of conditions that existed at the reporting date. For further information please contact: Gary Berchowitz, A digital platform with timely, relevant accounting and business insights, personalised for you. COVID-19 has resulted in changes to loan agreements and payment schedules. These words serve as exceptions. As gains from property transaction will be taxed You should not act upon the information contained in this publication without obtaining review IAS 10 standard's disclosure requirements. IAS 16 outlines the accounting treatment for most types of property, plant and equipment. For Non-adjusting events the entity should disclose 3. Ekaterina is an internal audit services (IAS) Manager in PwC’s Risk Assurance practice. 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 IFRS 10 and IFRS 12 were issued in May 2011. IFRS 10 provides a single model for assessing whether an investor controls an investee and provides more extensive guidance on applying this model. 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