What adjustment if any to the financial statements should be made if it is discovered after the year end but before the financial statements ?

Events after the reporting period as per IAS are those events which occur between the reporting date & the date on which the financial statements are being authorized for issue to the general public. They are classified as per this standard in two categories. (1)  Adjusting Events & Non Adjusting events.

Adjusting events as per IAS provide additional evidence of conditions existing at the reporting date & thus should be adjusted in the financial statements example: the sale of inventory at a lower price that cost after the reporting date. Non adjusting events are those events which do not provide any additional evidence of conditions existing at the reporting date & thus should not be adjusted in the financial statements for instance the issue of new equity shares after the reporting date.