retroactively makes the company different as at the calculation date
Does "retroactively makes the company different as at the calculation date" mean "the event makes the entity different on/before calculation date"?
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Does "retroactively makes the company different as at the calculation date" mean "the event makes the entity different on/before calculation date"?
Comments
Yes that's correct
is this also the same as an "adjusting" event?
Yes, the phrase “retroactively makes the company different as at the calculation date” is consistent with the definition of an adjusting event. The following can be found in page 10 of the Reading Link from CAS:
"Adjusting (subsequent) events, which the accounting standards define as events that provide evidence of conditions that existed at the end of the reporting period, require the actuary to recalculate the insurance contract liabilities at the calculation date."