1. Section 32 – Events after the end of the Reporting Period

2. Events after the end of the Reporting Period defined;
Events (favourable and unfavourable) that occur between the end of the reporting period and the date the financial statements are authorized for issue.
Two types
Those that provide evidence of conditions that existed at the end of the reporting period (adjusting)
&
Those that are indicative of conditions that arose after the end of the year of the reporting period. (non Adjusting)

3. - Events after the Reporting date Adjust accounts for impact
Adjusting
Evidence of conditions existing at year-end
Adjust accounts for impact
Non Adjusting
Evidence of conditions after year-end
If significant, disclose by note

4. Accounting for Adjusting Events
An entity shall adjust the amounts recognized in the Financial statements including related disclosures to reflect adjusting events after the reporting period.
Examples
Sale price of inventory after year end
Liquidation of debtor after year end
Settlement of legal case
Discovery of fraud or error after year end that occurred before year end

5. Accounting for Non-Adjusting Events
An entity shall not adjust the amounts recognized in the financial statements to reflect non-adjusting events after the end of the reporting period, but because of their significance should be disclosed in the Financial Statements.
Examples
A major acquisition or disposal
A planned Restructuring announced after year end
Major movements in asset prices or foreign exchange rates
Material fund raisings
Dividends approved by the company after year-end

6. Disclosure Content for Non Adjusting Event (if deemed necessary)
Nature of the event
Estimate of the financial effect, or a statement that such an estimate cannot be made.

7. Dividends
If an entity declares dividends after the year end of the reporting period, the entity shall not recognize those dividends as a liability of the reporting period.
The amount of the dividend maybe presented as a separate component of retained earnings at the end of the reporting period.

8. Going Concern Date of Authorization of Issue
An entity shall not prepare its financial Statements on the Going Concern basis if management determine after the reporting period that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so.
Date of Authorization of Issue
The entity shall disclose the date when the financial statements were authorized for issue and who gave that authorization.