Under IFRS, the date used to recognize the impact of events after the reporting period is the

Under IFRS, the date used to recognize the impact of events after the reporting period is the

• A. Authorization date
• B. Completion date
• C. End of the calendar year
• D. Date of issue of the annual report

Answer: (A)

Under IFRS, events after the reporting period are considered to see if they provide evidence about conditions that existed at the end of the reporting period. If they do, the financial statements are adjusted up to the date they are authorized for issue by management or the board. After the authorization date, no further adjustments are made for events occurring after the reporting period, though significant non-adjusting events may require disclosure. Therefore, the date used to recognize these effects is the authorization date for issue.

Under IFRS, events after the reporting period are considered to see if they provide evidence about conditions that existed at the end of the reporting period. If they do, the financial statements are adjusted up to the date they are authorized for issue by management or the board. After the authorization date, no further adjustments are made for events occurring after the reporting period, though significant non-adjusting events may require disclosure. Therefore, the date used to recognize these effects is the authorization date for issue.