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Ind as 10 applicability

CA Ankit jhawar (Audit Manager) (40 Points)

31 May 2018

A company was in IBC 2016. A resolution plan was submitted before the end of financial year and got approved by NCLT after the end of financial year but before the signing of financial statement. Whether the company has to recoginsed its financial statment of same period as per IND AS 10.

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CA Sunil Kumar (Chartered Accountant) (4514 Points)
Replied 31 May 2018

IND AS 10 is applicable when event occur between the end of the reporting date and the date when the financial statements are approved by the Board of Directors. In your case, Ind AS 10 will not apply as event occured before reporting date (but before the signing of financial statement).