Event occurring after b/s date
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 June 2013
Dear Experts, Please advice to me in following case:
A Ltd, year ended on 31/03/2013
there was fire in godown as on 05/05/2013, and major capital assets and inventory burnt in fire, insurance policy covers only inventories and only two capital assets.
Now how to disclouser made in FS of A Ltd. of above event in the FS year ended 31/03/2013.
A Ltd, year ended on 31/03/2013
there was fire in godown as on 05/05/2013, and major capital assets and inventory burnt in fire, insurance policy covers only inventories and only two capital assets.
Now how to disclouser made in FS of A Ltd. of above event in the FS year ended 31/03/2013.
03 June 2013
As per AS 4 adjustments to assets and liabilities are not appropriate for events occurring after the balance sheet date, if such events do not relate to conditions existing at the balance sheet date.
So only a disclosure by way of note should be made.
So only a disclosure by way of note should be made.
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