Ind AS 10 Events after the Reporting Period
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1 Ind AS 10 Events after the Reporting Period C HATURVEDI & SHAH C HARTERED ACCOUNTANTS
2 Definitions 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: Adjusting Events:- Those that provide evidence of conditions that existed at the end of the reporting period. Non Adjusting Events:- Those that are indicative of conditions that arose after reporting period.
3 Date of Approval Date on which financial statements are approved by the Board.
4 Non - Adjusting Events An entity shall not adjust the amounts recognized in its financial statements to reflect non-adjusting events after the balance sheet date. The financial figures remain unaltered. Material Non-adjusting events require to be mentioned in the notes to the financial statements.
5 Proposed Dividends If an entity declares dividends to equity shareholders after the reporting period, the entity shall not recognize those dividends as a Liability at the end of the reporting period. This is because no obligation exists at that time. Such dividends are disclosed in the notes to the FS. This makes dividend declaration a non-adjusting event.
6 First Time Adoption IND AS 101 Mandatory Exceptions: An entity s estimates in accordance with Ind ASs at the date of transition to Ind ASs shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error.
7 First Time Adoption IND AS 101 Contd An entity may need to make estimates in accordance with Ind ASs at the date of transition to Ind ASs that were not required at that date under previous GAAP. To achieve consistency with Ind AS 10, those estimates in accordance with Ind ASs shall reflect conditions that existed at the date of transition to Ind ASs. In particular, estimates at the date of transition to Ind ASs of market prices, interest rates or foreign exchange rates shall reflect market conditions at that date.
8 First Time Adoption.Estimates Did the entity make an estimate under its previous GAAP YES Is there objective evidence that the estimate was in error NO Did the entity use accounting policies consistent with Ind-AS? NO Adjust previous estimate to reflect difference in accounting policies NO Yes Yes Make estimate reflecting conditions at the relevant date Use previous GAAP estimate
9 Disclosures An entity shall disclose the date when the financial statements were approved for issue, and who gave that approval. If the entity s owners, or others, have the power to amend the financial statements after issue, the entity shall disclose that fact.
10 Disclosures Contd If non-adjusting events after the balance sheet date are material, the entity shall disclose :- The nature of the event; and An estimate of its financial effect, or a statement that such an estimate cannot be made.
11 Difference between Ind AS and AS Ind AS It states that proposed dividend is a nonadjusting event. AS AS 4 Contingencies and events after the balance sheet date states that proposed dividend is an adjusting event. Ind-AS 10 requires material non-adjusting events to be disclosed in the financial statements. AS 4 requires nonadjusting events to be disclosed in the report of the approving authority, for example, the board report.
12 Difference between Ind AS and AS Ind AS Ind AS 10 requires date of authorization for issue of financial statements and the authority who gave such approvalto be specifically mentioned in the financial statements itself. Ind AS also requires an entity to disclose whether its owners and others have the power to amend the financial statement after their issue. AS AS 4 has no such stipulation. AS 4 has no such stipulation.
13 Thank You!
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