An entity may adjust the amounts in the financial statements for items classified as non-adjusting events,for as long as there is reasonable assurance that the amounts recognised are measured reliably.

Question

Quizplus · Accepted Answer

Non-adjusting events are those that occur after the balance sheet date but before the financial statements are authorized for issue and do not relate to conditions existing at the balance sheet date. Therefore, entities should not adjust the amounts in the financial statements for non-adjusting events.

An Entity May Adjust the Amounts in the Financial Statements