What is the point in reissuing a financial statement? - Anothercom
Events may occur between the end of the reporting period and the date when financial statements are authorized for an issue that may present information that should be considered in the preparation of financial statements. IAS 10 Events after the Reporting Period guides as to which events should lead to adjustments in the financial statements and which events shall be disclosed in the notes to financial statements. Events after the balance sheet date are the events, which could be favorable or unfavorable, that occur between the end of the reporting period and the date that the financial statements are authorized for issue. Adjusting events are those events that provide further evidence about conditions that existed at the end of the reporting period. If any events occur after the end of the reporting period that provides further evidence of conditions that existed at the end of the reporting period i. Non-adjusting events are those events that reflect conditions that arose after the end of the reporting period.
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Company Filings More Search Options. Back to Table of Contents. However, the firm cannot update or dual-date a previously issued report after the firm is no longer registered, as that involves additional audit work. In addition, the K is deemed not timely filed.
Under both international and Thai financial reporting standards, material errors must be corrected retrospectively, i. However, it is not simple to define what would be considered as material. A good starting point would be that an error in the financial statements that impacts the decisions made by the users of those financial statements would be considered material.