FA-FFA IAS-10

1. In preparing the accounts of Oscar Ltd (Oscar) for the financial year ended 30 June 20X7, the following items were considered. In accordance with IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors and IAS 10 Events after the Reporting Period, which of the following items would be included in the determination of profit after incometax?

Select which three options are correct.

2. IAS 10 identifies the period covered by these events as starting immediately after the year end, and ending at the date of:

3. On 29 January 2007, management of an undertaking completes draft financial statements for the year to 31 December 2006. On 4 February 2007, the board of directors reviews the financial statements and approves them for issue. On 15 February 2007, the undertaking announces its profit and selected other financial information. On 18 March 2007, The financial statements are made available to shareholders, and others. On 25 April 2007, the shareholders approve the financial statements at the annual meeting. On 29 April 2007, the approved financial statements are then filed with a regulatory body. Which of the above dates marks the end of the period covered by IAS 10?

4. On 14 February 2008, the management of an undertaking approves financial statements for issue to its supervisory board. The supervisory board is made up solely of non-executives, and may include representatives of employees, and other outside interests. On 21 February 2008, the supervisory board approves the financial statements. On 10 March 2008, the financial statements are made available to shareholders, and others. On 17 April 2008, the shareholders approve the financial statements at their annual meeting. On 25 April 2008, the financial statements are filed with a regulatory body. Which of the above dates marks the end of the period covered by IAS 10?

5. If there is a public announcement of profit, or other information

6. There is a settlement, after the end of reporting period, of a court case that confirms that the undertaking had a present obligation, at the year end. You need to:

7. There is receipt of information, after the year end indicating that an asset was impaired at the year end. You need to:

8. There is receipt of information, after the year end indicating that the amount of a previously-recorded impairment loss for that asset needs to be adjusted. You need to:

9. You learn of the bankruptcy of a customer that occurs after the year end. You need to:

10. You learn of the determination after the year end of the cost of assets purchased. You need to:

11. You learn of a change to the proceeds from assets sold, before the year end. You need to:

12. You receive the calculation of the amount of profit-sharing payments, relating to the period of the financial statements, after the year end. You need to:

13. You are informed of a fraud, that shows that financial statements, that you are about to approve to be incorrect. You need to:

14. You learn of a decline in market value of investments, between the year end, and the date when the financial statements are approved for issue. You need to:

15. You make a major acquisition, between the year end, and the date when the financial statements are approved for issue. You need to: