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Saturday, July 18, 2020 | History

1 edition of Events after the balance sheet date. found in the catalog.

Events after the balance sheet date.

Events after the balance sheet date.

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Published by Auditing Practices Committee] in [London .
Written in English


Edition Notes

SeriesAuditing guideline -- 402
ContributionsConsultativeCommittee of Accountancy Bodies. Auditing Practices Committee.
ID Numbers
Open LibraryOL14163545M

Events after the Balance Sheet Date This compiled Standard applies to annual reporting periods beginning on or after 1 July Early application is permitted. It incorporates relevant amendments made up to and including 30 April Prepared on 11 July by the staff of the Australian Accounting Standards Board. Accounting the Events after the Balance Date 3 Vol. IV, Issue 5 October period); the discovery of frauds or errors that show that the financial statements are incorrect etc. b) those that are indicative of the conditions that arose after the balance date (events after the balance date that do notFile Size: KB.

  1. The events accuring after Balance Sheet date provide additional evidence of the conditions existed on the Balance Sheet date. (or) 2. It effects going concern assumption eg: destruction of major production plant by fire after balance sheet date. (or) 3. If its required by the statute to make adjustments. eg: Proposed dividend. building after year-end at a price signifi cantly below its net book value. Through the enquiry with the management on signifi cant events that occurred after the balance sheet date and review of Directors’ meeting minutes, the audit team was made aware of such events and had requested that an impairment charge be provided for in the fi File Size: KB.

the balance-sheet date, the actual receipt of these insurance proceeds may occur, or all contingencies related to the insurance claim may be resolved, subsequent to the balance-sheet date. However, receipt of this portion of the insurance proceeds after the balance-sheet date is not, by.   Question: Case To Recognize Or Not To Recognize, That Is The Question Shakespeare Inc. (Shakespeare Or The “Company”) Is A Privately Held Book Printing And Publishing Company With A December 31 Year-end. The Summary Balance Sheet As Of Decem , Included: Current Assets $ 6,, Noncurrent Ass, Total Assets $34,, .


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Events after the balance sheet date Download PDF EPUB FB2

Type II events: These events, also called nonrecognized events, aren’t on the books before the balance sheet date and Events after the balance sheet date. book no direct effect on the financial statements under audit. The purchase or sale of a segment of the company, losses due to a fire or flood, and big sales of stock all fall into this category.

Exposure Draft E63 Events After the Balance Sheet Date: May IAS 10 () Events After the Balance Sheet Date superseded those portions of IAS 10 () dealing with events after the balance sheet date: 1 January Effective date of IAS 10 () 18 December Revised version of IAS 10 issued by the IASB: 1 January CASES The following events and transactions related to David Company occurred after the balance sheet date of Decemand before the financial statements were issued in None of the items is reflected in the financial statements as of December.

Events after the balance sheet date are significant financial events that occur after the date of the balance sheet, but prior to the date that the financial statements are issued. For example, a company's balance sheet that has the heading of Decem might.

A post balance sheet event is something that occurs after a reporting period, but before the financial statements for that period have been issued or are available to be issued. The two types of post balance sheet events are: An event provides additional information about conditions in existence as of the balance sheet date, including estimates used to prepare the financial statements for that.

Events After the Balance Sheet Date is an important term used in financial accounting and refers to those significant activities or events that happen after the balance sheet date but before the date of authorization for the issuance of financial statements. International Accounting Standard (IAS) 10 specifically addresses the accounting.

Events after the Balance Sheet Date. Content. Principal definitions. Events after the reporting date are those events that occur between the reporting date and the date when the financial statements are authorized for issue.

These events can be favorable and unfavorable for an entity. of the balance-sheet date In addition, the independent auditor should perform other auditing procedures with respect to the period after the balance-sheet date for the pur-pose of ascertaining the occurrence of subsequent events that may require ad-justment or disclosure essential to a fair presentation of the financial state-File Size: 49KB.

(b) Non-adjusting events after the balance sheet date FRS 21 does not permit an entity to adjust the amounts recognised in its accounts to reflect non-adjusting events after the balance sheet date. An example would be a decline in market value of investments between the balance sheet date and the date when the accounts are authorised for issue.

Events that affect the realization of receivables due to conditions that existed at the balance sheet date. This may occur when trade accounts receivable becomes uncollectible due to a customer filing for bankruptcy after the balance sheet date but before the financial statements are issued.

Even though the filing for bankruptcy occurred after. Settlement of a lawsuit where the events causing the lawsuit arose after the balance sheet date. A company should disclose the date through which there has been an evaluation of subsequent events, as well as either the date when the financial statements were.

Subsequent events of this type are events that provide evidence about conditions that did NOT exist at the date of the balance sheet being reported on but arose after the balance sheet date and may be significant enough to require disclosure.

Examples of these types of. events occurring after the balance sheet date’ concerning post balance sheet events accord very closely with the content of the United Kingdom and Irish Accounting Standard No. 17 ‘Accounting for post balance sheet events’ and accordingly com-pliance with SSAP17 will ensure compliance with IAS10 in all material respects so farFile Size: KB.

events to be disclosed in the financial statements. AS • AS 4 “Contingencies and events after the balance sheet date” states that proposed dividend is an adjusting event. • AS 4 requires nonadjusting events to be disclosed in the report of the approving authority, for example, the board Size: KB.

7 Events after the balance sheet date reporting period include all events up to the date when the financial statements are authorised for issue, even if those events occur after the public announcement of profit or of other selected financial information.

balance sheet date but prior to the auditor's report date. Which of the following procedures will an auditor most likely perform to obtain evidence about the occurrence of subsequent events.

comparing the financial statements being reported on with those of the prior period. Non-adjusting Events After the Reporting Date An entity shall not adjust the amounts recognized in its financial statements to reflect non-adjusting events after the reporting date.

The following are examples of non-adjusting events after the reporting date: (a) Where an entity has adopted a policy of regularly revaluing property. (c) Events after the reporting period include all events up to the date when the financial statements are authorized for issue, even if those events occur after the public announcement of profit or of other selected financial information.

General points. Events after the balance sheet date are divided into two types, corresponding to the two examples just given.

The definition in IAS 10 is: Events after the balance sheet date are those events, both favourable and unfavourable, that occur between the balance sheet date and the date when the financial statements are authorised for issue. IAS 10 Events after the Reporting Period 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 authorised and about events after the reporting period.

Revised December Effective 1 January. Business segments are components that operate within a company. For example, a ladies shoe manufacturer makes boots, pumps, sandals, and tennis shoes — these are all business segments.

Perhaps after the balance sheet date the company decides to .It was issued by the Accounting Standards Board in May and subsequently amended in December FRS 21 replaced SSAP 17 and had the effect of implementing IAS Events After the Balance Sheet Date in the UK.

Topics covering events after the end of the reporting period are covered in Section 32 of FRS under new UK GAAP. Accounting Q&A Library The following events and transactions related to David Company ocurred after the balance sheet date of Decemand before the financial statements were issued in None of the items is reflected in the financial statements as of Decem 1.

In order to secure a bank loan of $,00, David pleged as collateral certain fixed assets wth a net book.