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　　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
　　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.
　　1. Fraud
　　Clearly the fraud committed by the payables ledger clerk has been ongoing
　　during, and beyond the financial year. Fraud, error and other irregularities that
　　occur prior to the year-end date – but which are only discovered after the yearend
　　– are adjusting items, and therefore the financial statements would require
　　amendment to take account of the fraudulent activity up to the year-end.