NZ IAS 10 Events after the reporting period

Question 1

Adjusting

Answer 1

Provide evidence of conditions which existed at the end of the reporting period

Adjusting events are those events that provide new information or more information about a situation that existed at balance date

Because the situation existed at balance date, it should be captured in the financial statements for that period

Question 2

Non adjusting events

Answer 2

Provide evidence of conditions arising after the end of the reporting period.