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Jeffers Co prepares financial statements for the year ended 31 December 20X8. The financial statements are expected to be authorised for issue on 15 March 20X9.
The following three events have occurred in January 20X9:
(1) Health and safety fine
A health and safety investigation of an incident which occurred in 20X8 was concluded in January 20X9, resulting in a $1·5m fine for Jeffers Co. A provision for $1m had been recognised in Jeffers Co’s financial statements for the year ended 31 December 20X8.
(2) Customer ceased trading
Notice was received on 10 January 20X9 that a customer owing $1·2m at 31 December 20X8 had ceased trading. It is unlikely that the debt will be recovered in full.
(3) Acquisition of a competitor
The acquisition of a competitor was finalised on 10 January 20X9, being the date Jeffers Co obtained control over the competitor. Negotiations in respect of the acquisition commenced in May 20X8.
In addition to this, there is an outstanding court case at 31 December 20X8 relating to faulty goods supplied by Jeffers Co.
Legal advice states that there is a small chance that they will have to pay out $6m, but the most likely outcome is believed to be a payout of $5m. Either way, Jeffers Co will have to pay legal fees of $0·2m. All payments are expected to be made on 31 December 20X9. Jeffers Co has a cost of capital of 10% (discount factor 0·909).
Jeffers Co believes the fault lies with the supplier, and is pursuing a counter-claim. Legal advice states that it is possible, but not likely, that this action will succeed.
1.Which, if any, of the following statements regarding IAS Events after the Reporting Period 10 is/are correct?
(1) ‘Events after the reporting period’ are deemed to be all events from the date the financial statements are authorised for issue up until the date of the annual meeting with the shareholders
(2) Non-adjusting events do not need to be reflected in any part of an entity’s financial statements or annual report
A 1 only
B 2 only
C Both 1 and 2
D Neither 1 nor 2
2.Which of the three events which occurred in January 20X9 would be classified as adjusting events in accordance with IAS 10?
(1) Health and safety fine
(2) Customer ceased trading
(3) Acquisition of a competitor
A 1 and 2 only
B 1 and 3 only
C 2 and 3 only
D 1, 2 and 3
