Editorial Note Related commentary and examples in Navigate IFRS Accounting Issue date IAS 10 Events after the Reporting Period (2003) was originally issued in December
2003, effective from 1 January 2005. All effective amendments issued since that date are reflected in the text of the standard. Detailed editorial notes set out the history of major amendments, and prospective amendments not yet effective. Key amendments The standard incorporates the following amendments that are already effective: To subscribe to this content, simply call
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Video Transcript
It's so problem. 16. Here is a thought exercising on which of four scenarios would cause the greatest habitat loss. Right? And so the 1st 1 is wicked, a meadow, and there's probably going to be some some flowers in it, right? And most likely is there's gonna be a lot of flowers. Okay, let's say you come along. Take a few of them. For the most part, the major structures of this metal were left intact, and there's still some flowers around. But there's a small amount of damage to two, maybe something that might be interested in using that flower for food. And the next absolute given is in her own backyard here, if we have the tree that was cut down, if we do that, we cut down the tree. Everything that lived in the tree will be affected rights. If we have a a bird of some kind in this tree or our squirrel almost be affected. But this is limited to this one tree, and assuming that there are other trees in the neighborhood that these animals go to, the impact is certainly there for those creatures, but not huge. Okay, and then we have a farmer switching from a a wheat to a soy. So so they're switching from something that's little bit grassy. You're our wheat, okay to a soy plant and the the sweet plant that's a lagoon, and it's kind of a a smaller, more shrubbery looking plant. So if there were things that we're of a certain height hidden here or in particular that used that for food that can no longer eat the wheat, they would be impacted quite a bit. But this is a sort of farmland, and there relatively maintain in a way that it's not usually such that in the crop fields, they're infested by large colonies of creatures, Right? And so then the last thing is is, we have now built a dam along a river of some sort. Okay, and and now this was a plane becomes completely flooded. Well, the thing with with this notion is that it's completely changing the terrain, so things that were terrestrial can no longer live in this entire region. In this, then the entire funded region is now no longer, uh, of a similar habitat, right? So so any Fox Air Bunny has has been moved completely pushed out due to the change from trustful to aquatic and and that shift right where you may be a bunny over here that likes to eat these flowers. Look, just hop over And then same with the tree. These this bird, just hop over to another tree. Ah, money here. Can't just slide over. Really asked us. Actually go quite far. You were to find a new habitat. So the one with the greatest amount of habitat loss is going to be our flooded plain, and that's let her choice d.
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9.Which event after the reporting period would require adjustment?a.Loss of plant as a result of fireb.Change in market price of an investmentc.Loss of inventory from flood lossd.Loss on a lawsuit, the outcome of which was deemed uncertain at year-end
10. Financial statements are authorized for issue when
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11. What is the treatment of a change in accounting estimate?
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12. A change in useful life of property, plant and equipment is
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13. When an entity changes its depreciation method, it is accounted fora.Prospectivelyb.Retrospectivelyc.Retrospectively for two years and prospectively for any remaining yearsd.None of the above
14. A change in accounting policy shall be made when
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Depreciation, Generally Accepted Accounting Principles, loss of plant, Aris Valix