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2014ACCA《最新《审计与认证业务F8》重点总结三(1)

2014-01-11 来源:读书人 

  RELEVANT TO ACCA QUALIFICATION PAPER F8

  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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