Financial Accounting 1

(a) MFRS 110 on events after reporting period has two main objectives: To specify when a company should adjust its financial statements for events that occur after the end of the reporting period; and . To specify the disclosure that should be given about events that have occurred after the end of the operating period but before the financial statements were authorised for issue Required: Discuss the following key concepts under MFRS 110: (1) Adjusting events (5 marks) (11) Non-adjusting events