Adjusting events and non-adjusting events
Do they both happen between Calculation date and Report date?
It looks like you're new here. If you want to get involved, click one of these buttons!
Do they both happen between Calculation date and Report date?
Comments
Yeap -Before calculation date you can just make changes easily. If it is after report date, the report is already out and finalized so nothing can be done
Is the only difference between adjusting event and non-adjusting event the timing?
Adjusting Event: condition needs to exists at calculation date.
Non Adjusting Even: condition is after calculation date.
For non-adjusting events, are we simply saying that since this condition is after our calculation date, we don't need to care about so we don't need to adjust it?
If it is a material event, I feel like don't we at least need to document or let related parties know?
Well we don't need to consider it for the calculations of the report, but you need to disclose it in the notes to the financial statements, yes