PAS 10, Paragraph 3 defines events after the reporting period. These events whether favorable or unfavorable that occur between the end of the reporting period and the date on which the financial statements are authorized for issue .
Adjusting events after the reporting period are those that provide evidence of conditions that exist at the end of the reporting period.
Nonadjusting events after reporting period are those that are indicative of conditions that arise after the end of the reporting period.
Financial statements are authorized for issue when the board of directors reviews the financial statements and authorizes them issue.
An entity is required to submit the financial statements to the shareholders for approval after the financial statements have been issued.
The financial statements are authorized for issue on the date of issue by the board of directors and not on the date when shareholders approve the statements.
