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COAFA3-11 Assessments (2025)

COAFA3-11 Assessments (2025)

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Contingent liabilities are:

(1 Mark)

Disclosed in the notes unless the possibility of an outflow of economic benefits is remote

✅

Recognised in the statement of financial position unless the possibility of an outflow of economic benefits is remote

❌

Always disclosed in the notes to the financial statements

❌

Always recognised in the statement of financial position

❌

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It is 3 weeks after the year end but before the accounts were authorised for issue, property, plant and equipment showed an impairment because of damage caused by riots.

Is this an adjusting event?

(1 Mark)

If a material non-adjusting event occurs after the reporting date but before the financial statements are approved, which information should be disclosed in the financial statements?

(1 Mark)

The nature of the event only

❌

No disclosure is required.

❌

An estimate of the financial effect only

❌

The nature of the event and an estimate of the financial effect

✅

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Details of material non-adjusting events after year end should be disclosed in the notes to the financial statements.

(1 Mark)

In general terms, a contingent liability is a possible obligation that depends upon the outcome of a future event that is within the control of the entity.

(1 Mark)

International standard IAS24 requires an entity's financial statements to be restated so that transactions with related parties are reported at the prices that would have applied if the transactions had been carried out at arm's length.

(1 Mark)

IAS 10 states that if an entity declares dividends after the reporting period, the entity __________ those dividends as a liability at the end of the reporting period.

(1 Mark)

Shall recognise

❌

Is not encouraged to recognise

❌

Is encouraged to recognise