Financial Events Occurring After the Balance Sheet Date Within the Framework of IAS/TMS 10 Standard and a Suggestion

Abstract

The financial statements are a summary of the financial realizations of the businesses. Businesses monitor their performance, loan receipts, and the tax amounts to be paid over the values reflected in the financial statements. All stakeholders, especially investors, who are waiting for information from the enterprise, aim to reach the information they need by looking at the financial statements produced in the enterprise. Investor behavior is shaped according to the financial statements produced by the companies. Essentially, the government knows the tax to be collected with the financial statements, the company has the opportunity to compare its financial success, and the investors reach the financial data they need during the investment decision process among financial instruments. International Accounting Standards contain very comprehensive standards about how financial reporting should be. The aim of these standards, which are called as Turkish Accounting Standards in our country, is to increase the quality of financial reporting. Due to the concept of periodicity, it has to be divided into certain periods due to situations such as the life of the enterprise, which is considered indefinite, the clarification of the taxable figures, the revealing of the operating performance. The balance sheet, in which the assets and resources of the enterprise are depicted on a certain date, is usually produced on the last day of the year under the name of the end-of-period balance sheet. How to handle and evaluate financial events that occur after the balance sheet date is discussed in the Ias/Tms 10 Standard. In the study, Ias/Tms 10 Standard will be discussed comprehensively and sample applications from companies operating in Borsa Istanbul will be shown to contribute to the intelligibility of the standard.