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As-4(contingencies and event occuring after the balancesheet date

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(Querist)
19 June 2015 BOD approved final accounts on 31st July 2002 balancesheet date 31st March for example, in the finance act passed in may,2002 the income tax rate applicable to the company for assessment year 2002-2003 is demarked by 5%.so the income tax liability of the company would be reduced by the amount of rupees 50000 my question is: what should be the treatment? what is the reason behind that? please anyone can tell me
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B.COM, ACA, DISA Namrata

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B.COM, ACA, DISA Namrata (Expert)
19 June 2015 As per AS-4 any event occurring between the date of financial statements and its approval , if has an impact on the assets and liabilities that existed on the date of balance sheet should be adjusted for. In my opinion since the change in rate of tax affects the provision for taxation, you should adjust the same.
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