If an adjusting event that occurs after balance sheet date is considered to be immaterial,AASB 110 requires that the entity:
A) must disclose the nature of the event and a statement that an estimate of the financial effects cannot be made.
B) must recognise the event at balance date.
C) need not recognise nor disclose the event.
D) must recognise the event at balance date and need not recognise nor disclose the event.
E) None of the given answers.

Question

Quizplus · Accepted Answer

AASB 110 states that if an adjusting event that occurs after balance sheet date is considered to be immaterial, the entity need not recognise nor disclose the event.

If an Adjusting Event That Occurs After Balance Sheet Date