The financial reporting framework addresses two types of events that occur after the date of the financial statements:
a) Adjusting Events: Events that provide evidence of conditions existing at the date of the financial statements: These events require adjustments to be made in the financial statements to accurately reflect the conditions already present when the statements were prepared.
b) Non-adjusting Events: Events that provide evidence of conditions arising after the date of the financial statements: These events do not require adjustments in the financial statements, but they do need to be disclosed adequately to ensure that readers of the statements are aware of any significant developments or changes that have occurred since the statements were prepared.