"If an initial disclosure event occurs between the balance sheet date and before approval of financial statements by the board of directors, disclose as required by AS 4." Sir AS 4 is not a disclosure standard. What does the above statement mean to say?
AS-4 does have a disclousre requirement. If disclosure of events occurring after the balance sheet date in the report of the approving authority is required by paragraph 15 of this Standard, the following information should be provided: (a) the nature of the event; (b) an estimate of the financial effect, or a statement that such an estimate cannot be made