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Ind-AS 10: Events after Reporting Date (Other Cases (Dividend proposed…
Ind-AS 10: Events after Reporting Date
Meaning
Events occurring after B/s date
but upto date of approval of FS by BOD
Date of approval when supervisory board is involved-
When mgt approves FS for issue to supervisory board
Adjusting Events
Known to the enterprise on B/s date
but occurred after B/s date
Evidence of conditions that existed on B/s date
Will be adjusted in FS
Non-Adjusting Events
Not known to entity on B/s date
and not related with B/s date
No adjustment in FS
Only disclose in notes to accounts if amt is significant
Other Cases
Dividend proposed after B/s date
NAdj. event
as it can be cancelled by members in AGM
Disclose in notes to accounts
Going Concern
If entity wants to liquidate in near future
then all events shall be adj.
Approving Authority
We will consider only BOD's approval
Long term Loan
Breach in loan arrangement on/before reporting period
resulting in liability payable on demand on reporting date
(loan classified as current liability)
Agreement with lender before approval of FS
to not demand payment
Loan again re-classified as long term liability