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Business & the Role of Accounting - Research Paper Example

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Business & the Role of Accounting

The International Accounting Standard number 10 'Events after balance sheet date' provides two types of events. The events that provide evidence of conditions that existed before the balance sheet date (adjusting events) and the events that indicate conditions that arose after the balance sheet date (non-adjusting events).
However, the standard requires 'changes to financial statements due to all material adjusting entries'. If the company can justify that a $5,000 worth of liability is not material for the company, then the company might be able to omit the recording of the event in financial statements. ...Show more

Summary

The reasoning is highly unreasonable. This is because all activities and transactions that occur before the balance sheet date must be included in the financial statements. This is required to present fair and true picture of the company's financial position to the stakeholders.
Author : westmortimer
Business & the Role of Accounting essay example
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