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CA Final Ind AS 10 Events after the Reporting Period — practice questions

Explore 48 free Ind AS 10 Events after the Reporting Period questions in CA Final Financialreporting. Open each question or exercise to read its content, reference answers and available explanation.

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Ind AS 10 Events after the Reporting Period questions and exercises with answers

Showing questions 1–30 of 48.

Events after the reporting period fall between which two dates?Read the answer and worked solution →Events after the reporting period under Ind AS 10 can beRead the answer and worked solution →An adjusting event provides evidence ofRead the answer and worked solution →Events that are indicative of conditions arising after the reporting period are calledRead the answer and worked solution →For a company, the window closes on approval byRead the answer and worked solution →Board approved accounts on 10 May; AGM approved on 20 August. The window ends onRead the answer and worked solution →An event after a profit announcement but before approval for issue isRead the answer and worked solution →How must an entity treat adjusting events after the reporting period?Read the answer and worked solution →For non-adjusting events, the recognised amounts areRead the answer and worked solution →A court case settled after year-end confirms a present obligation at year-end. This isRead the answer and worked solution →A customer owing Rs 8 lakh at 31 March goes bankrupt on 20 April. The entity shouldRead the answer and worked solution →A post year-end sale of inventories below cost evidences theirRead the answer and worked solution →Fixing after year-end the cost of an asset bought before year-end isRead the answer and worked solution →Profit-share amounts fixed after year-end, with a present obligation at year-end, areRead the answer and worked solution →Discovery after year-end of fraud showing the statements are incorrect isRead the answer and worked solution →A fall in the fair value of investments after year-end is normallyRead the answer and worked solution →Investments worth Rs 50 lakh at 31 March fall to Rs 40 lakh by 15 April. The year-end amount shouldRead the answer and worked solution →Dividends declared after the reporting period must beRead the answer and worked solution →Why is a dividend declared after year-end not a year-end liability?Read the answer and worked solution →Which Ind AS sets the disclosures when statements are not on a going concern basis?Read the answer and worked solution →After year-end, management decides to liquidate. The accounts mustRead the answer and worked solution →A going concern failure after year-end requiresRead the answer and worked solution →Worsening results after year-end may call for a review ofRead the answer and worked solution →An entity must disclose the approval date andRead the answer and worked solution →Why must the approval date for issue be disclosed?Read the answer and worked solution →If owners can amend the statements after issue, the entity mustRead the answer and worked solution →Information received after year-end about year-end conditions requires the entity to updateRead the answer and worked solution →New evidence on a year-end contingent liability means the entity shouldRead the answer and worked solution →For each material non-adjusting event, disclose the nature andRead the answer and worked solution →When must a non-adjusting event after the period be disclosed?Read the answer and worked solution →

Worked practice questions

Events after the reporting period fall between which two dates?

  1. Reporting date and approval date
  2. Year start and reporting date
  3. Approval date and AGM date
  4. Reporting date and ROC filing
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Correct answer: A. Reporting date and approval date

The window runs from the end of the reporting period to the date the financial statements are approved for issue.

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Events after the reporting period under Ind AS 10 can be

  1. Only unfavourable events
  2. Only events that change profit
  3. Only events of a legal nature
  4. Favourable or unfavourable events
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Correct answer: D. Favourable or unfavourable events

The definition expressly covers events that are favourable as well as unfavourable.

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An adjusting event provides evidence of

  1. Plans by new management
  2. Conditions arising later
  3. Changes in regulation
  4. Conditions at year-end
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Correct answer: D. Conditions at year-end

Adjusting events confirm or clarify conditions already present at the reporting date.

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More Financialreporting topics

Ind AS 116 LeasesInd AS 36 Impairment of Assets and Ind AS 38 Intangible AssetsInd AS 24 Related Party Disclosures and Ind AS 108 Operating SegmentsInd AS 1 Presentation of Financial StatementsInd AS 12 Income TaxesInd AS 113 Fair Value MeasurementInd AS 109 Financial InstrumentsInd AS 23 Borrowing Costs and Ind AS 40 Investment Property