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As 4

Accountancy

As per this AS whether alll non adjusting events are required to be diclosed? Treatment of contigent liability happening after balancesheet date.

Sajan Gangadharan

CA Final

★ 9K+

28-Nov-20 19:55

317

Answers (9)

Best Answer

Thread Starter

Sajan Gangadharan

Suit filed against the companies advertisement after b.s date. Is it a contigent liability or not? This has been explained differently in rtp of may 2020 and pm

It is a contingent liability. Since suit is file after balance sheet, there is no existence of condition on balance sheet date. Hence no disclosure required.

CA Suraj Lakhotia

Admin

29-Nov-20 17:55

Material non adjusting events.

CA Suraj Lakhotia

Admin

29-Nov-20 07:43

The second part of your pist is not clear. Is it a question or a sentence?

Kumarjit Dey

CA Inter

★ 4K+

29-Nov-20 10:43

Kumarjit Dey

The second part of your pist is not clear. Is it a question or a sentence?

Its a question.whether we need to disclose contgent liability occuring after b.s date.

Thread Starter

Sajan Gangadharan

CA Final

★ 9K+

29-Nov-20 12:57

Suit filed against the companies advertisement after b.s date. Is it a contigent liability or not? This has been explained differently in rtp of may 2020 and pm

Thread Starter

Sajan Gangadharan

CA Final

★ 9K+

29-Nov-20 13:02

CA Suraj Lakhotia Admin

Material non adjusting events.

It means only those non adjusting events which are material need to be disclosed . Is this interpretation correct sir.

Thread Starter

Sajan Gangadharan

CA Final

★ 9K+

29-Nov-20 13:04

Thread Starter

Sajan Gangadharan

It means only those non adjusting events which are material need to be disclosed . Is this interpretation correct sir.

Yes

CA Suraj Lakhotia

Admin

29-Nov-20 15:49

Thread Starter

Sajan Gangadharan

Suit filed against the companies advertisement after b.s date. Is it a contigent liability or not? This has been explained differently in rtp of may 2020 and pm

Sir please reply this question too.

Thread Starter

Sajan Gangadharan

CA Final

★ 9K+

29-Nov-20 16:08

CA Suraj Lakhotia Admin

It is a contingent liability. Since suit is file after balance sheet, there is no existence of condition on balance sheet date. Hence no disclosure required.

Thank you so much sit

Thread Starter

Sajan Gangadharan

CA Final

★ 9K+

29-Nov-20 18:40