2014A年ACCA学习辅导——F8（3）

Subsequent events

　　Students of financial reporting and auditing papers will have to gain an

　　understanding of how subsequent events (also known as ‘events after the

　　reporting period’) affect the financial statements of an entity. This article will

　　consider the financial reporting aspects concerning subsequent events using a

　　case study type scenario, and will then discuss the auditing requirements that

　　candidates of Paper F8, Audit and Assurance need to be aware of.

　　Financial reporting considerations

　　In almost all circumstances, financial statements will not be finalised until a

　　period of time has elapsed between the year-end date and the date on which

　　the financial statements are (expected to be) issued. Therefore, regard has to

　　be given to events that occur between the reporting date and the date on which

　　the financial statements are (expected to be) authorised for issue.

　　IAS 10, Events After the Reporting Period stipulates the accounting and

　　disclosure requirements concerning transactions and events that occur

　　between the reporting date and the (expected) date of approval of the financial

　　statements. Among other things, IAS 10 determines when an event that occurs

　　after the reporting date will result in the financial statements being adjusted,

　　or where such events merely require disclosure within the financial statements.

　　Such events are referred to in IAS 10 as ‘adjusting’ or ‘non-adjusting’ events.

　　Students who have studied Paper F3, Financial Accounting will have come

　　across such terminology and it is imperative that they can differentiate

　　between an adjusting and a non-adjusting event. IAS 10 prescribes the

　　definitions of such events as follows:

　　Adjusting event

　　An event after the reporting period that provides further evidence of conditions that

　　existed at the end of the reporting period, including an event that indicates that the

　　going concern assumption in relation to the whole or part of the enterprise is not

　　appropriate.1

　　Non-adjusting event

　　An event after the reporting period that is indicative of a condition that arose after the

　　end of the reporting period.1

　　Example 1

　　You are the trainee accountant of Gabriella Enterprises Co and are preparing

　　the financial statements for the year-ended 30 September 2010. The financial

　　statements are expected to be approved in the Annual General Meeting, which

　　2

　　SUBSEQUENT EVENTS

　　APRIL 2011

　　is to be held on Monday 29 November 2010. Today’s date is 22 November

　　2010. You have been made aware of the following matters:

　　1. On 14 October 2010, a material fraud was discovered by the

　　bookkeeper. The payables ledger assistant had been diverting funds into

　　a fictitious supplier bank account, set up by the employee, which had

　　been occurring for the past six months. The employee was immediately

　　dismissed, legal proceedings against the employee have been initiated

　　and the employee’s final wages have been withheld as

　　part-reimbursement back to the company.

　　2. On 20 September 2010, a customer initiated legal proceedings against

　　the company in relation to a breach of contract. On 29 September 2010,

　　the company’s legal advisers informed the directors that it was unlikely

　　the company would be found liable; therefore no provision has been

　　made in the financial statements, but disclosure as a contingent liability

　　has been made. On 29 October 2010, the court found the company

　　liable on a technicality and is now required to pay damages amounting

　　to a material sum.

　　3. On 19 November 2010, a customer ceased trading due to financial

　　difficulties owing $2,500. As the financial statements are needed for the

　　board meeting on 22 November 2010, you have decided that because

　　the amount is immaterial, no adjustment is required. The auditors have

　　also confirmed that this amount is immaterial to the draft financial

　　statements.

　　Required:

　　(a) For each of the three events above, you are required to discuss whether the

　　financial statements require amendment.

　　Answer:

　　When presented with such scenarios, it is important to be alert to the timing of

　　the events in relation to the reporting date and to consider whether the events

　　existed at the year-end, or not. If the conditions did exist at the year-end, the

　　event will become an adjusting event. If the event occurred after the year-end, it

　　will become a non-adjusting event and may simply require disclosure within the

　　financial statements.

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