Ireland IAS 10

[Adriana Ire]

Hi,
Could someone help on the question below. Not sure what procedure should be undertaken in accordance with IAS10:
"On February 2014, a lawsuit was filed against Arch Ltd (whose financial year ended on 31/12/13) by an employee for damages to an event that occurred before 31/12/13. From the solicitor's confirmation letter, there is likely to be a significant pay-out to the employee"
Is that an adjusting or non-adjusting event?
Does it have any impact on financial statements ending 31/12/13?

Thanks in advance,
Adriana

 

[Fidget]

oh c'mon! IAS 10 is very straightforward! You should easily be able to suss this out for yourself.