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Educational Material on Ind AS 10 Events after the Reporting Period

Educational Material on Ind AS 10 Events after the Reporting Period

Ind AS 10 Events after the Reporting Period : Ind AS 10 prescribes when an entity should adjust its financial statements for events after the reporting period; and the disclosures that an entity should give about the date when the financial statements were approved for issue and about events after the reporting period. This Educational Material contains summary of Ind AS 10 discussing the key requirements of the Standard and the Frequently Asked Questions (FAQs) covering the issues, which are expected to be encountered frequently while implementing Ind AS 10.  As per Ind AS 10 dividend proposed or declared after the reporting period, can not be recognised as a liability in the financial statements because it dose not meet the criteria of a present obligation as per Ind AS 37. Such dividend is required to be disclosed in the notes in the financial statements as per Ind AS 1,whereas as per the existing AS 4 the same is required to be adjusted in financial statements because of the requirements prescribed in the Schedule VI to the Companies Act, 1956.

IAS 10 was reissued in December 2003 and applies to annual periods beginning on or after 1 January 2005.

July 1977Exposure Draft E10 Contingencies and Events Occurring After the Balance Sheet Date
October 1978IAS 10 Contingencies and Events Occurring After the Balance Sheet Date effective 1 January 1980
1994IAS 10 (1978) was reformatted
August 1997Exposure Draft E59 Provisions, Contingent Liabilities and Contingent Assets
September 1998IAS 37 Provisions, Contingent Liabilities and Contingent Assets
1 July 1999Effective date of IAS 37, which superseded those portions of IAS 10 (1978) dealing with contingencies
November 1998Exposure Draft E63 Events After the Balance Sheet Date
May 1999IAS 10 (1999) Events After the Balance Sheet Date superseded those portions of IAS 10 (1978) dealing with events after the balance sheet date
1 January 2000Effective date of IAS 10 (1999)
18 December 2003Revised version of IAS 10 issued by the IASB
1 January 2005Effective date of IAS 10 (Revised 2003)
6 September 2007Retitled Events after the Reporting Period as a consequential amendment resulting from revisions to IAS 1

Relevant link to download the Educational Material: 

Educational Material on Ind AS 10 Events after the Reporting Period

Ind AS 10 Events after the Reporting Period : Events after the reporting period are those events, favourable and unfavourable, that occur between the end of the reporting period and the date when the financial statements are authorised for issue. Two types of events can be identified  one adjusting events:- Those that provide evidence of conditions that existed at the end of the reporting period. Another one non adjusting events:- Those that are indicative of conditions that arose after reporting period.

Going concern issues arising after end of the reporting period

An entity shall not prepare its financial statements on a going concern basis if management determines after the end of the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. [IAS 10.14]

 Accounting

  • Adjust financial statements for adjusting events – events after the balance sheet date that provide further evidence of conditions that existed at the end of the reporting period, including events that indicate that the going concern assumption in relation to the whole or part of the enterprise is not appropriate. [IAS 10.8]
  • Do not adjust for non-adjusting events – events or conditions that arose after the end of the reporting period. [IAS 10.10]
  • If an entity declares dividends after the reporting period, the entity shall not recognise those dividends as a liability at the end of the reporting period. That is a non-adjusting event. [IAS 10.12]

Disclosures

  • Non-adjusting events should be disclosed if they are of such importance that non-disclosure would affect the ability of users to make proper evaluations and decisions. The required disclosure is (a) the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made. [IAS 10.21]
  • A company should update disclosures that relate to conditions that existed at the end of the reporting period to reflect any new information that it receives after the reporting period about those conditions. [IAS 10.19]
  • Companies must disclose the date when the financial statements were authorised for issue and who gave that authorisation. If the enterprise’s owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that fact. [IAS 10.17]

Relevant link to download the Educational Material: 

Educational Material on Ind AS 10 Events after the Reporting Period 

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Educational Material on Ind AS 10 Events after the Reporting Period

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