Section 32 – Events after the end of the Reporting Period

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Presentation transcript:

Section 32 – Events after the end of the Reporting Period

Events after the end of the Reporting Period defined; Events (favourable and unfavourable) that occur between the end of the reporting period and the date the financial statements are authorized for issue. Two types Those that provide evidence of conditions that existed at the end of the reporting period (adjusting) & Those that are indicative of conditions that arose after the end of the year of the reporting period. (non Adjusting)

- Events after the Reporting date Adjust accounts for impact Adjusting Evidence of conditions existing at year-end Adjust accounts for impact Non Adjusting Evidence of conditions after year-end If significant, disclose by note

Accounting for Adjusting Events An entity shall adjust the amounts recognized in the Financial statements including related disclosures to reflect adjusting events after the reporting period. Examples Sale price of inventory after year end Liquidation of debtor after year end Settlement of legal case Discovery of fraud or error after year end that occurred before year end

Accounting for Non-Adjusting Events An entity shall not adjust the amounts recognized in the financial statements to reflect non-adjusting events after the end of the reporting period, but because of their significance should be disclosed in the Financial Statements. Examples A major acquisition or disposal A planned Restructuring announced after year end Major movements in asset prices or foreign exchange rates Material fund raisings Dividends approved by the company after year-end

Disclosure Content for Non Adjusting Event (if deemed necessary) Nature of the event Estimate of the financial effect, or a statement that such an estimate cannot be made.

Dividends If an entity declares dividends after the year end of the reporting period, the entity shall not recognize those dividends as a liability of the reporting period. The amount of the dividend maybe presented as a separate component of retained earnings at the end of the reporting period.

Going Concern Date of Authorization of Issue An entity shall not prepare its financial Statements on the Going Concern basis if management determine after the reporting period that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so. Date of Authorization of Issue The entity shall disclose the date when the financial statements were authorized for issue and who gave that authorization.