How is the accounting treatment of an event that occurred on the date before the report was authorized for issue?
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- If an event occurs ‘after the reporting period’, then from the perspective of accounting standards, it is considered that the event has occurred between the ‘end of the reporting period’ and the ‘date when the financial statements are authorised for issue’. What is the date when the financial statements are authorised for issue’?How should a change in accounting estimate be recognized and disclosed in the financial statements?How are changes in accounting policies accounted for and disclosed?
- What are the accounting and disclosure procedures for accounting policy changes?Discuss how a change in accounting policy is handled when it is impracticable to determine previous amounts.What are current liabilities, provisions, and contingencies in accounting, and how are they reported in financial statements?
- Why should the beginning retained earnings be adjusted for prior period errors and effects of change in accounting policy?How are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.