[Illustrative Checklist] Disclosure requirements under Ind AS 10 | Events after the Reporting Period
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 14 December, 2022
Latest from Taxmann
The objective of Ind AS 10: Events after the Reporting Period, is to prescribe that:
-
- when an entity should adjust its financial statements for events after the reporting period; and
- the disclosure that an entity should give about the date when the financial statement was approved for the issue and about events after the reporting period
Further, this standard also requires that an entity should not prepare its financials on a going concern basis where events after the reporting period indicate that the going concern assumption is not appropriate.
As per the requirement of this Ind AS, an entity is required to follow the below-mentioned disclosure requirements:
Where the entity has declared its dividend after the reporting period but before the financial statements are approved for the issue, the dividends are not recognized as a liability at the end of the reporting period because no obligation exists at that time. Whether such dividends are disclosed in the notes in accordance with Ind AS 1.
-
- An entity shall disclose the date when the financial statements were approved for the 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.
- If an entity receives information after the reporting period about conditions that existed at the end of the reporting period, it shall update disclosures that relate to those conditions, in the light of the new information.
Click Here To Read Full Story
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
CA | CS | CMA
