In the Case of a Non-Adjusting Event,IAS 10 Requires It

question 58

Multiple Choice

In the case of a non-adjusting event,IAS 10 requires it to be:

• A)reflected in the financial information in the statements if it is material and relates to an item that would normally be reflected in the financial statements.
• B)disclosed by way of note if it is material.
• C)disclosed as a contingent liability, if an unfavourable material event.
• D)reflected in the financial statements, if an unfavourable material event; disclosed by way of note, if a favourable event.

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Definitions:

Direct Approach

A straightforward method of communication or problem-solving that involves dealing with issues in a clear and explicit manner.

Audience Comply

The act of an audience or group conforming, following, or acting in accordance with requests, commands, or conditions presented to them.

Little Understanding

A minimal grasp or comprehension of a subject or area, indicating a need for further learning or explanation.

Routine Request

A routine request is a standard or regular appeal for information, services, or action, often made in a professional or formal context.