Allocation to accounting periodsB2.507 Reopening of tax returns to reallocate receipts and expensesGAAP requires events arising after the end of the reporting period to be taken into account when they provide evidence of conditions that existed at the reporting date1. All events which occur between the reporting date and the date on which the financial accounts are authorised for issue are included, even if they occur after the public announcement of profit or loss or other financial information.However, not all events should be taken into account in arriving at the figures in the financial statements. GAAP usually divides events occurring after the end of the reporting period into two categories: 'adjusting events' and 'non-adjusting events'2. Adjusting events are those that provide additional evidence relating to conditions that existed at the end of the reporting period and require changes to be
GAAP requires events arising after the end of the reporting period to be taken into account when they provide evidence of conditions that existed at the reporting date1. All events which occur between the reporting date and the date on which the financial accounts are authorised for issue are included, even if they occur after the public announcement of profit or loss or other financial information.
However, not all events should be taken into account in arriving at the figures in the financial statements. GAAP usually divides events occurring after the end of the reporting period into two categories: 'adjusting events' and 'non-adjusting events'2. Adjusting events are those that provide additional evidence relating to conditions that existed at the end of the reporting period and require changes to be
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