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(a) What are the two types of events that occur after the end of reporting period?...

(a) What are the two types of events that occur after the end of reporting period? Briefly outline the requirements of AASB 110 ‘Events after Reporting Period’ in relation to events occurring after the end of the reporting period

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Answer #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.
Two types of events can be identified:
(a) those that provide evidence of conditions that existed at the end of the reporting period
(adjusting events after the reporting period); and
(b) those that are indicative of conditions that arose after the reporting period (non-adjusting
events after the reporting period)

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