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CA Final Ind AS 10 Events after the Reporting Period — practice questions — page 2

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 31–48 of 48.

Destruction of a major plant by fire after year-end is generallyRead the answer and worked solution →A Rs 5 crore plant burns in January after a 31 December year-end. At year-end it isRead the answer and worked solution →A major business combination after year-end is generallyRead the answer and worked solution →Announcing a plan to discontinue an operation after year-end isRead the answer and worked solution →Abnormally large post-year-end changes in exchange rates areRead the answer and worked solution →Tax rate changes enacted after year-end with a significant effect on tax balances areRead the answer and worked solution →Starting major litigation arising solely from events after year-end isRead the answer and worked solution →Issuing significant guarantees after year-end isRead the answer and worked solution →Under Ind AS 33, bonus issues or share splits after year-end areRead the answer and worked solution →Major ordinary share transactions after year-end areRead the answer and worked solution →The Ind AS 10 loan-waiver rule differs from IAS 10 because of changes made inRead the answer and worked solution →Ind AS 10 says 'approval for issue' where IAS 10 saysRead the answer and worked solution →Appendix A to Ind AS 10 deals with the distribution ofRead the answer and worked solution →A liability to pay a non-cash dividend is measured at theRead the answer and worked solution →With a cash or non-cash choice, the dividend payable weighs fair value andRead the answer and worked solution →On settling a non-cash dividend, the difference between asset and payable goes toRead the answer and worked solution →A non-cash dividend liability is recognised once the dividend isRead the answer and worked solution →Appendix A applies only where all owners of the same class of equity areRead the answer and worked solution →

Worked practice questions

Destruction of a major plant by fire after year-end is generally

  1. A disclosed non-adjusting event
  2. An adjusting event for the plant
  3. Ignored as an unusual loss
  4. A year-end impairment loss
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Correct answer: A. A disclosed non-adjusting event

The fire is a later condition, so no adjustment is made but the event is disclosed.

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A Rs 5 crore plant burns in January after a 31 December year-end. At year-end it is

  1. Written off to nil
  2. Cut to scrap value
  3. Kept at Rs 5 crore
  4. Held for sale
Show answer and solution

Correct answer: C. Kept at Rs 5 crore

The fire is a non-adjusting event, so the year-end amount stays and the event is disclosed.

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A major business combination after year-end is generally

  1. An adjusting event again
  2. Not reportable by anyone
  3. A disclosed non-adjusting one
  4. A going concern matter
Show answer and solution

Correct answer: C. A disclosed non-adjusting one

It is listed among non-adjusting events that would generally result in disclosure, with Ind AS 103 giving specific disclosures.

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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