What is Events after the reporting period?
Also known as: subsequent events
Events, favourable or unfavourable for the company, that occur between the end of the reporting period and the date the financial statements are authorised for issue. They are of two types: events that confirm a condition that already existed at the reporting date (the figures in the statements are adjusted) and conditions that arose after the reporting date (the figures are not adjusted; if material, they are disclosed in the notes). The auditor, for their part, performs separate procedures under ISA 560 to identify events in this period and also responds to facts that become known after the date of the report.
Source: IFRS Foundation: IAS 10 Events after the Reporting Period; IAASB Handbook: 560-son XAS, Subsequent Events