The impact of events after the reporting date on the financial position and performance of banks

Казак, Оксана Олексіївна and Сулима, Мар'яна Олександрівна (2024) The impact of events after the reporting date on the financial position and performance of banks Academy review (1). pp. 80-92. ISSN 2074-5354

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Abstract

The article discusses the essence and classification of events after the reporting date. The methodology for disclosing events after the reporting date in financial statements in accordance with IFRS is analyzed. Accounting for events after the reporting date is regulated by IAS 10 "Events after the Reporting Period". It determines when the financial statements should be adjusted due to material events that occurred after the reporting period and what information about such events should be disclosed in the financial statements before they are issued. The authors identifies problems with disclosing events occurring after the reporting date, assessing their materiality, applying an individual approach to their recognition, and reflecting information about them in the auditor's report. Particular attention is paid to the going concern principle. After all, IFRS prohibit banks from preparing financial statements on a going concern basis if events after the reporting period indicate that such an assumption is inappropriate. The consequences of the full-scale military invasion have affected all spheres of life and have had a significant impact on business. The situation is evolving rapidly and sometimes unpredictably, and management needs to constantly assess the impact of the situation on the business in order to continue to prepare reliable financial statements and make correct and timely management decisions. Financial reporting specialists closely monitor developments that occur after the reporting date and assess their possible impact on the financial statements. An important role in this process is played by the auditor, who assesses the going concern basis and expresses his or her opinion. It is established that the war in the accounting sense belongs to non-adjusting events. In the course of the study, the impact of events after the reporting date on the financial position and performance of banks is determined. The notes of PrivatBank for 2019-2022 are analyzed.

Item Type:	Article
Uncontrolled Keywords:	analysis; audit; banks; accounting; events after the reporting date; financial position; profit; loss; financial statements; notes; IAS; IFRS
Subjects:	Статті у базах даних > Index Copernicus Статті у базах даних > Web of Science
Divisions:	Факультет економіки та управління > Кафедра фінансів
Depositing User:	Мар'яна Олександрівна Сулима
Date Deposited:	10 Oct 2024 12:12
Last Modified:	19 Nov 2024 07:15
URI:	https://elibrary.kubg.edu.ua/id/eprint/49819

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