whst is Economic Events
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Answer:
ECONOMIC EVENTS
Economic events reflected in the financial statements must be both relevant to the financial condition of a company and objectively measurable in monetary terms.
Relevant Events
Relevant events have economic significance to a particular company and include any occurrence that affects its financial condition. Events of general economic significance, like the election of a new U.S. president, the passage of federal legislation, or the outbreak of war, could be considered relevant. Events that are more company-specific, like the signing of a new labor agreement, the hiring of a new chief executive officer, the sale of an item of inventory, or simply the payment of monthly wages, are also relevant. Each of these events could have a significant impact on the financial resources of a particular company. Anyone interested in the company's financial status (shareholders, investors, creditors, managers, auditors, and other interested parties) wants to be able to assess the financial impact of all such events.
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