IFRS Learning Module 3: Events after the Reporting Period (Course Id 364)

Accounting - Accounting and Auditing for Course Id 364

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”) . IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore it is clear that IFRS represents the future of financial accounting and reporting in the United States.

Module 3 of the IFRS Learning Module series presents an overview of IAS 10 Events after the Reporting Period (a topic commonly referred to as “subsequent events” under U.S. GAAP) and discusses the IASB’s and FASB’s efforts towards achieving convergence in this area of financial reporting.

NASBA QAS - NASBA Registry - 364

Module Learning Objectives

• Define “events after the reporting period” per the guidelines of IAS 10.
• Describe the recognition and disclosure requirements for events after the reporting period under IAS 10.
• Describe the similarities and differences between IFRS and U.S. GAAP in the area of events after the reporting period (a.k.a. “subsequent events”).

Module 3:  Events after the Reporting Period

1.0   Introduction to IAS 10

1.1   Objective

1.2   Scope

1.3   Events after the reporting period (defined)

2.0   Recognition and Measurement

2.1   Adjusting events after the reporting period

2.2   Non-adjusting events after the reporting period

2.3   Dividends

3.0   Going Concern

4.0   Disclosures

4.1   Date of authorization for issue

4.2   Updating disclosure about conditions at the end of the reporting period

4.3   Non-adjusting events after the reporting period

5.0   IFRS & U.S. GAAP Convergence

5.1   ASC 855 Subsequent Events

5.2   IAS 10 & ASC 855: Similarities and differences

6.0   Module Summary

Glossary