What standard governs events after the reporting period?

The correct answer is governed by IAS 10, which specifically addresses events after the reporting period. This standard outlines how to treat events that occur between the reporting period end date and the date when the financial statements are authorized for issuance. It distinguishes between adjusting events, which provide additional evidence of conditions that existed at the reporting date and should lead to adjustments in the financial statements, and non-adjusting events, which are indicative of conditions that arose after the reporting period and generally do not require adjustments but may need disclosure.

Understanding the purpose of IAS 10 is crucial for accurately reflecting an organization's financial position and performance. This standard ensures that financial statements provide users with meaningful and relevant information regarding changes that may impact the decisions based on those statements.

Other choices relate to different aspects of financial reporting. IFRS 15 deals with revenue recognition, focusing on how to recognize revenue from contracts with customers. IAS 37 pertains to provisions, contingent liabilities, and contingent assets, providing guidance on how to account for obligations and potential liabilities that may affect the financial position. IFRS 9 focuses on financial instruments, outlining the classification, measurement, and impairment of financial assets and liabilities. Each of these standards has its specific scope, which does not overlap with the provisions and requirements set